Rebar Price Announcement

Rebar Price Announcement

Late Friday, a major rebar manufacturer announced a rebar price hike of $30/ton for the Eastern US region. This follows the $40/ton hike for the Western region announced last week. While scrap has yet to finalize for the month, most still expect the scrap increase to be $20/ton (Chicago Shredded Scrap) and finalize early this week. With scrap outlook becoming bullish, and tight supply on rebar, the market will look to digest this move starting this week. Other mills in the East will likely come out with versions of a similar increase for the same regions early Monday.

We will keep you posted with moves related to the rebar market.