Although some in the US domestic rebar market predicted relative price stability for the remainder of the year, US rebar mills announced a surprise $1.50 cwt. ($33/mt or $30/nt) price increase earlier this week, effective with all new orders. While the late October mill price increase was met with resistance, sources report higher quote offers already being heard in the market. And while the latest rebar increase was believed to be getting ahead of the expected US scrap price increase this month, the latest predictions are starting to point sideways. However, sources also note tight supply is somewhat balanced out by seasonal dips in demand.
As such, US domestic rebar offers are already up $1.00 cwt. ($22/mt or $20/nt) from last week, with offers now trending at $54.00-$56.00 cwt. ($1,191-$1,235/mt or $1,080-$1,120/nt) ex-mill in the Midwest, and $53.00-$55.00 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt) ex-mill on the East coast.