Sources tell SteelOrbis that Steel Dynamics Inc.’s $2.50 cwt. ($55/mt or $50/nt) rebar price increase announced this week was unexpected, as many believed US domestic rebar prices had hit their peak. In light of attractive import offers and downtrending scrap prices, sources had been predicting a slow downward drift in rebar prices in the coming months.
As of today, no other US rebar mills has reacted with a similar increase, but sources say that doesn’t mean they will remain silent—there is a possibility other mills will wait a bit before issuing their own increase announcement, but for now spot prices are level as the market “waits to see who blinks first.”
As such, US domestic rebar prices are still ranging from $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.