Although some sources were skeptical US rebar mills would raise prices even if scrap prices increased this month, US rebar mills announced a $2.00 cwt. ($44/mt or $40/nt) increase late last week, before the scrap market even settled. However, many are viewing the increase announcement as a “last blast” for the quarter, considering the recent US-EU tariff-rate quota deal announced earlier this week. While many sources do not think there will be an immediate effect on the US rebar market, the possibility of lower import offers in the near-term could spur distributors to unload higher-priced inventory before that happens.
With the full $2.00 cwt. increase amount already absorbed into new order quotes, US domestic rebar prices are now ranging from $53.00-$55.00 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt) ex-mill in the Midwest, and $52.00-$54.00 cwt. ($1,146-$1,191/mt or $1,040-$1,080/nt) ex-mill on the East coast.