With expectations for a strong US domestic scrap price increase this month, US domestic rebar prices are predicted to maintain at high levels rather than adjusting downward along with other steel product prices. Still, even if scrap prices rise by the forecasted $50/ton this month, sources do not think that will lead to higher rebar prices. The US domestic rebar market is one of the only US steel markets to avoid declining prices in the last few month, and higher scrap prices will only “justify current high levels” and not necessarily encourage mills to push prices any higher.
As such, the current longstanding spot price ranges for US domestic rebar remain at $54.50-$56.50 cwt. ($1,202-$1,246/mt or $1,090-$1,130/nt) ex-mill in the Midwest while offers on the East coast are still at $53.50-$55.50 cwt. ($1,179-$1,224/mt or $1,070-$1,110/nt) ex-mill.