Prices Rise Faster And Higher Than 2004’s Devastating Spike
Estimators on public and private projects across the nation are struggling to keep projects moving amid an average increase in rebar prices of $297 per ton since Jan. 1, according to Schaumberg, Ill.-based Concrete Reinforcing Steel Institute (CSRI). Average rebar mill selling prices hovered around $624 per ton for standard A-615 reinforcing bar last spring, while many contractors around the country report current mill prices of more than $900 per ton of reinforcing bar. In some regions, contractors report prices of more than $1,200 per delivered ton.
The surging price for rebar is being fueled by matching increases in scrap-metal prices, which jumped from an average $270 per delivered ton last fall to about $600 per delivered ton this month, according to Mark Azous, managing director at metals consulting firm Scrap Iron.com. “There have been price spikes before, but this is the worst I’ve ever seen,” says Azous. “It’s insane.”