After the most recent mill-announced price increase was instantly absorbed into the US domestic rebar market, sources tell SteelOrbis that another price increase is “almost guaranteed” considering US domestic scrap prices are expected to rise again next month.
Sources peg a potential rebar increase at $2.00 cwt. ($44/mt or $40/nt) minimum, with room to go higher since rebar prices overall have not surged upward as sharply as other steel products. For now, spot prices are relatively stable week-on-week, although sources say deals at the low end of the range are becoming less and less available.
Current US domestic rebar spot prices are unchanged this week at $44.00-$46.00 cwt. ($970-$1,014/mt or $880-$920/nt) ex-mill in the Midwest, and $43.00-$45.00 cwt. ($948-$992/mt or $860-$900/nt) ex-mill on the East coast.