The chances of US rebar mills announcing a last-minute price increase before the close of the quarter might have been strong in the past month, but sources this week are expressing doubt that it can be done under current market conditions.
Demand for rebar in the US is steady for the season, although sources note that harsh winter weather is just around the corner and demand will soon “hibernate for the winter.” Until then, mills are reportedly offering deals to bulk up the remainder of 2017 order books, with certain large distributors paying as much as $1.00 cwt. ($20/nt or $22/mt) or more below the current spot price range. However, those deals are still exclusive enough to keep the low end of the spot price range intact. Deals to small to medium-sized rebar customers, on the other hand, are much more widespread, eroding the top end of the spot range down by $0.50 cwt. ($10/nt or $11/mt) this week.
As such, this week’s US domestic rebar spot price range is now at $33.00-$34.00 cwt. ($660-$680/nt or $728-$750/mt) ex-mill.