Although sources are skeptical about US domestic rebar mills announcing a formal price increase in response to slightly higher scrap prices this month, there is a strong likelihood that rebar spot prices will start gradually drifting upward. Demand is strong enough for mills to shrug off further foreign fighter deals and make a push to firm up prices, with or without a formal announcement.
So far, US domestic rebar spot prices have not changed, but by next week, sources say prices should see a modest uptick. Until then, US domestic rebar spot prices in the Midwest are still at $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt) ex-mill, and $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) ex-mill on the East coast.