As interest in booking imported rebar from Turkey has waned since the US DOC preliminary determinations, traders tell SteelOrbis that Turkish mills are considering whether to let their offer range soften a bit. Already, traders are booking orders so low that “it’s almost at a loss,” leading to uncertainty that even lower prices will spur interest. The current offer range is still at $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) DDP loaded truck in US Gulf ports--unchanged in the last week--but that range could adjust in the next week or two.
The US domestic market, meanwhile, has remained silent in terms of a possible price increase, which has led many to believe US mills have decided against it. Predictions of a sideways-to-down price trend for scrap in May has removed one incentive to raise prices, while still-low import offers are another. Sources tell SteelOrbis that customer resistance to the idea of higher prices has held much sway with mill decision-makers, but even if no increase is forthcoming, mills are still expected to keep a firm grip on the current spot price range of $33.50-$34.50 cwt. ($670-$690/nt or $739-$760/mt) ex-mill.