After an extended downtrend in US import rebar offers from Turkey that was starting to put substantial pressure on US domestic spot prices, it appears the trend has started to level off. Offer prices are still in the range of $28.50-$29.50 cwt. ($570-$590/nt or $628-$650/mt) DDP loaded truck in US Gulf ports, but traders tell SteelOrbis that offers on the lower end of last week’s CFR range are no longer available. Turkish mills have recently paid slightly more for scrap, spurring the trend turnaround, and sources say it won’t be long before their offers to the US start to rise--perhaps as early as next week.
However, even though the burden of increasing import competition has now started to lift from the US domestic rebar market, US spot prices are not necessarily expected to rise. Demand and order activity is still decent, but sources tell SteelOrbis that mills don’t want to “rock the boat,” at least until the final determinations in the trade case against Turkey are announced. For now, spot prices are still in the range of $34.25-$35.25 cwt. ($685-$705/nt or $755-$777/mt) ex-mill.