US Midwest rebar prices continued to climb Monday as a second wave of price hikes began to take effect, market sources said.
Platts raised its weekly Midwest rebar price assessment to $500-$525/st ex-works, up from $490-$515/st.
After issuing formals price increases for rebar in March, Gerdau Long Steel North America and Commercial Metals again raised rebar prices Monday $30/st and $25/st, respectively.
Last week Nucor raised its transaction prices $25/st on rebar products. "Prices are definitely moving up," said one Midwest fabricator.
And with scrap prices moving up for April, a second fabricator said he's expecting another increase on rebar to be coming later this month.
Platts' daily shredded scrap price assessment range widened to $240-$270/lt delivered Midwest mill on Friday. The midpoint is up $45/lt since the conclusion of the March buy week.
