After last week’s significant $4.00 cwt. ($88/mt or $80/nt) price increase, the US domestic rebar market is reportedly trending very strong with continual robust demand and tight supply. Sources tell SteelOrbis that deals are “very hard to come by,” and there is a decent likelihood rebar prices could rise even further. Expectations for US scrap prices in July have been pointing to a sideways but possibly upward trend, although some sources say US rebar mills will raise prices if they want to, “no matter what happens with scrap.”
For now, US domestic rebar spot prices are unchanged week-on-week, still trending at $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) ex-mill in the Midwest, and $49.00-$51.00 cwt. ($1,080-$1,124/mt or $980-$1,020/nt) on the East coast.