US domestic rebar mills issued official price increase announcements today, with Nucor, CMC and SDI all raising prices by $2.00 cwt. ($44/mt or $40/nt), effective with all new orders. Sources tell SteelOrbis that mills are already showing firmness and quoting at higher levels, and there is not expected to be any resistance to the higher prices.
Spot prices were already starting to rise before the increase announcements, and as such, US domestic spot prices are now in the range of $42.00-$44.00 ($926-$970/mt or $840-$880/nt) ex-mill in the Midwest, and $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill on the East coast.