Import rebar offers bottom out
Import rebar offers have now bottomed out after dropping another $0.25 cwt. ($5.51/mt) to $19.75 cwt. ($435.42/mt). Lowest offers came from Germany, where traders attempted to liquidate inventories before the summer shutdown. Turkish mills temporarily withdrew their offers because their home market remains hot and they hope the US market eventually will pick up to meet higher price expectations. The pricing trend is slightly up from neutral. U.S. mills have not changed their announced prices within the last two weeks. However, they are matching import offers case-by-case basis.