As predicted last week, US domestic rebar mills issued a price increase late last week—a little earlier than expected, but not at all a surprise, sources say. The $2.00 cwt. ($44/mt or $40/nt) transaction price increase is in line with predictions as well, as the US domestic long product market continues its relatively sober uptrend compared to other steel products.
Already, the increase has fully absorbed into new order quotes, with some quotes coming in even higher due to expectations of another price increase within the next month. As such, US domestic rebar spot prices are now ranging from $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.