Despite predictions that US shredded scrap prices will see a modest bump this month, sources tell SteelOrbis they don’t expect US domestic rebar mills to announce a formal price increase in response. Instead, mills will most likely wait until the New Year to raise prices, riding out the rest of this year at firm but neutral price levels.
Some sources say that the uneven reception to the recent US domestic wire rod price increase has had some influence on rebar increase decisions, and while it’s still possible mills could try a last minute, end of the year price increase for rebar, the seasonal drop in demand this month makes waiting “a better option.”
As such, US domestic rebar prices are steady week-on-week in the range of $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill in the Midwest, and $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill on the East coast.