While still-downtrending rebar offers from Turkey are still the most competitive in the US import market, other offshore sources are looking to book orders into the US. European mills are especially eager for US buyers, mostly because they are eager for buyers in general--absurdly-low-priced Chinese steel has infiltrated many traditional export markets for European mills. Currently, offers from Portugal are the closest to Turkish offers, coming in at just $10/mt above on the CFR level, but traders say serious interest in Portuguese rebar will remain low as long as Turkish offers continue to drop. The sales price range for Turkish rebar to the US has dropped by another $0.50 cwt. ($10/nt or $11/mt) this week, down to $27.00-$28.00 cwt.($540-$560/nt or $595-$617/mt) DDP loaded truck in US Gulf port, with the bottom projected to be a week or so out still.
As for the US domestic market, sources tell SteelOrbis that the “ride of price stability” is coming to an end. While most transactions are taking place around the low end of last week’s $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill spot price range, the pool of distributors able to negotiate closer to $34.00 cwt. ($680/nt or $750/mt) is starting to widen. However, whether mills will put any sort of market-wide price decrease in writing remains to be seen.