Although sources have been telling SteelOrbis that US domestic rebar mills could start offering deals in early September due to rising interest in imports and lower scrap prices, sentiment has shifted this week following the US Senate’s passage of a $1 trillion infrastructure bill. While there are several steps left before the bill is officially signed, its surprising bipartisan support has led to optimism throughout the US steel market, which anticipates a substantial surge in steel demand from the bill.
As such, rumors are now circulating that US domestic rebar mills might announce a price increase later this week. Already, at least one US domestic wire rod mill has announced a price increase, adding to speculation that rebar is next. For now, sources are pegging a potential rebar increase anywhere from $1.50-$2.50 cwt. ($33-$55/mt or $30-$50/nt).
Until then, US domestic rebar spot prices remain unchanged week-on-week in the range of $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.