With scrap prices reportedly dropping in Turkey, offer prices for rebar to the US are falling as well, coming down by around $10/mt on the CFR side. However, the drop has not translated into lower sales prices in the US quite yet, mostly because traders are more interested in unloading new arrivals than booking for future orders. According to US import data, 98,486 mt of Turkish rebar arrived into the US in August (preliminary census data), while 50,222 mt has arrived so far this month as of September 24 (license data). As such, the current offer range of $28.75-$29.75 cwt. ($575-$595/nt or $634-$656/mt) DDP loaded truck in US Gulf ports is still valid, although prices could soften if ex-Turkey prices continue to drop.
Meanwhile, the US domestic rebar market has continued to trend neutral in the last week, with spot prices still ranging from $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill. Availability is still tight, and sources tell SteelOrbis that even if US scrap prices trend downward next month, US mills are unlikely to announce an official price decrease.