Steel reinforcing bar prices in the United States have surpassed a one-and-a-half-year high, propelled by raw material-driven mill hikes.
Fastmarkets assessed steel rebar, fob mill US at $34 per hundredweight ($680 per short ton) on Wednesday December 9, up by 8.8% from $31.25 per cwt the previous week and the highest level since it was assessed at $34.50 per cwt on May 15, 2019. US marketFastmarkets learned that most of last week's $65 per ton ($3.25 per cwt) in mill hikes have already been passed through to the spot market, with sources indicating that it is all but inevitable that the full weight of the recent moves will be felt by buyers very shortly. One...