After shredded scrap prices increased much higher this month than initially predicted, sources were not surprised that US domestic rebar mills went ahead with a formal price increase announcement earlier this week. However, the $2.50 cwt. ($55/mt or $50/nt) has not fully absorbed in the market quite yet, as demand is seasonally slower and supply remains decent.
Even so, US domestic rebar prices are up slightly week-on-week as mills push to firm up prices before the end of the year. Offers in the Midwest are now at $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/nt) ex-mill, up $0.50 cwt. ($11/mt or $10/nt) in the last week, while offer on the East coast are around $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, also up $0.50 cwt. week-on-week.