After many threats to file antidumping/countervailing duties on imported rebar, US domestic mills finally followed through Wednesday, accusing nearly every major Turkish and Mexican rebar mill of injuring the US rebar market. While the preliminary injury hearings will not take place for a few months, there is already a hush in the US import market as traders decide whether or not to take the risk of future orders. Technically, import offers from Turkey at $28.50-$29.50 cwt. ($628-$650/mt or $570-$590/nt) DDP loaded truck in US Gulf ports and $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) DDP loaded truck delivered to US border states from Mexico are still valid, but sources tell SteelOrbis that because many final AD/CVD determinations can be retroactive, inquiries are almost certain to dry up.
As for the US domestic market, distributors report "pandemonium"--orders for existing and incoming stock have skyrocketed in the few hours since the announcement. Mills have not been as quick to react, although without competition from imports and the continuing effort to divorce rebar prices from scrap trends, mills will finally be able to tie prices directly to demand--or whatever other qualifier they deem fit. So while domestic spot prices are stable this week in the range of $31.50-$32.50 cwt. ($705-$717/mt or $630-$650/nt) ex-mill, some sources said they would not be surprised if prices started ticking slowly upward in the near future.