The US domestic rebar market has returned from the holiday season with optimism, sources say, with expectations of strengthening demand and gradually rising prices. The $2.50 cwt. ($55/mt or $50/nt) price increase announcement in mid-December is still absorbing into the market, with the latest quotations reportedly coming in around $1.00 cwt. ($22/mt or $20/nt) higher compared to the end of last month.
US domestic rebar spot prices in the Midwest are now at $43.50-$44.50 cwt. ($959-$981/nt or $870-$890/nt) ex-mill, while offers on the East Coast are closer to $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) ex-mill. Further upticks are expected as the rest of the December increase works its way into spot prices, and sources say it would not be surprising if US rebar mills issued another price increase announcement this month if scrap prices settle up again.