Despite a sluggish absorption of the last US domestic rebar price increase announced by mills in December, sources tell SteelOrbis that firmer spot prices are on the horizon. Steady demand is one factor in the forecast, along with predictions that shredded scrap prices in the US could settle upward next month, giving US rebar mills an incentive to release another price increase announcement.
As for a longer-term forecast, panelists at SteelOrbis’ 15th Annual Rebar & Wire Rod Conference earlier this week agreed that rebar demand is expected to remain strong this year, and while there could be seasonal dips in pricing, the overall trajectory continues to point up.
For now, US domestic rebar prices are stable week-on-week, with fewer and fewer transactions taking place at the low end of the range. US rebar spot prices in the Midwest are still at $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) ex-mill, while offers on the East Coast are around $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) ex-mill.