As another week has passed without US domestic rebar mills following Steel Dynamics Inc.’s price increase early last week, sources tell SteelOrbis it is getting unlikelier by the day that rebar prices will end up rising. Shredded scrap prices are down and inquiries into imports are reportedly up, leaving mills without much reason to raise prices, but some sources say it’s difficult to predict what mills will do in such an “unprecedented market.”
For now, US domestic rebar spot prices are unchanged week-on-week in the range of $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt) ex-mill in the Midwest, and $50.00-$52.00 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) on the East coast.