After CMC’s $1.25 cwt. ($25/nt or $28/mt) rebar price increase announced last week was quickly followed by Nucor, Gerdau and Steel Dynamics, sources report “little to no resistance” to the higher prices. As such, spot prices in the US domestic rebar market are now ranging from $34.25-$35.25 cwt. ($685-$705/nt or $755-$777/mt) ex-mill, reflecting the full increase amount.
However, sources also report tepid purchasing activity as the year comes to a close, and many are hoping for an “early spring” to “get a jump on construction.” New infrastructure funding, as promised by the Trump administration, would significantly boost rebar demand, but the latest statements from members of Congress indicate the next legislative priority after tax reform will be welfare reform, not infrastructure.