With several US mills officially announcing price hikes for rebar products this week it should push prices higher, but how much of the increase will stick remains to be seen, market sources said Thursday.
Gerdau Long Steel North America and Commercial Metals Co. independently announced increases on rebar products this week. Gerdau's increase, which it said will raise transaction prices $30/st, takes effect March 21, while CMC said it will raise prices by $20/st effective April 1.
Buy-side sources said they had been anticipating higher prices for April ahead of the announced increases given scrap's increase in March and early indications it could go up again in April.
While higher raw material costs could provide some upward mobility for rebar prices, it remains to be seen if demand will be high enough to achieve the full $20 or $30 increase, said one Southeast fabricator.
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