US rebar pricing continues to increase in June with the price range advancing towards the $900/short ton threshold this week following a recent mill price hike, Kallanish reports.

According to a Northeast distributor, rebar spot pricing rose by $10/st this week as the market absorbs the latest $50-80/st price hike announced by mills early last week. Currently, US rebar transactions are striking at around $880-890/st. However, rising scrap prices and a strong market sentiment during June trading indicates a likely rise in rebar pricing in the near future.

"Buyers remain quick to adjust to any price increases by mills. Meanwhile, supply remains tight and orders remain strong with backlogs extending into August," the distributor explains.

As a result, Kallanish updates its price assessment for #4 products in 20-foot sticks to $880-890/st, with the price range moving up by $10/st from the prior week. All prices are ex-works, domestic mill.