US rebar market firm despite dwindling deals
After shredded scrap prices in the US domestic scrap market seem to be settling in a range of sideways to up $10 per ton, depending on the region, sources tell SteelOrbis that US domestic rebar mills are “tightening the leash” on sporadic dealmaking that has taken place over the course of the last few weeks.
Some outlier deals to large distributors have been heard from around the $28.00 cwt. ($560/nt or $617/mt) ex-mill level, but most customers have still been concluding transactions in the current spot price range of $30.75-$32.25 cwt. ($615-$645/nt or $678-$711/mt) ex-mill. However, sources say that bookings near the top end of the range have been infrequent lately, but that could soon change.
In addition to a slight boost from scrap, US domestic rebar mills are reportedly anticipating a ruling in their favor when final antidumping margins for rebar producers in Turkey, Taiwan and Japan are announced next week. Although most current import rebar offers from Turkey take the preliminary margins into consideration, US mills expect higher final margins to make import offers prohibitively high.
*This was published on SteelOrbis website on May 10, 2017.