Forecast activity, scrap rise seen buoying rebar

Feb 28, 2013 | 04:30 PM | Samuel Frizell

Tags  Rebar prices, reinforcing concrete bar, Nucor Corp., Gerdau Long Steel North America, CMC Commercial Metals, Samuel Frizell

NEW YORK — Early indications suggest domestic reinforcing bar prices could get a boost in March, sources say, a move that could be the first significant rattle in a market that has seen prices frozen all winter long.

Grade 60 No. 5 rebar prices have continued to hold unchanged through January and February at around $34 per hundredweight ($680 per ton) f.o.b. mill, but with many projecting an uptick in ferrous scrap prices in March, the steel market is widely expecting published rebar prices to strengthen in coming weeks, mill and service center sources said.

"We are about to raise our price," one mill source told AMM, attributing the planned price hike to forecast scrap strength as well as improved demand. "We’re seeing product move at an increased rate over the last three weeks."....

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