Domestic Price Announcement

Domestic Price Announcement

A leading domestic mill announced a $30/ton price increase on rebar late Friday for its mills east of the Rockies. On the surface, it would appear this was a follow-up to the increase from 2 weeks ago west of the Rockies. In addition, the announcement increased the spool adder by an additional $20/ton. While the move was unexpected by most, increased rumors had started circulating last week of potential further increases. Typically, all mills follow a move like this within the coming days; however, this increase may fight some headwinds as buyers in the East do have other options, and increased pricing could force their hand. We will continue to keep you posted on developments in the rebar market.