With scrap prices trending down both in the US and overseas, it’s no surprise that traders are still dropping import offers for Turkish rebar. This week, offers are about $0.50 cwt. ($10/nt or $11/mt) less than last week, now in the range of $18.50-$19.50 cwt. ($370-$390/nt or $408-$430/mt) DDP loaded truck in US Gulf ports, but traders tell SteelOrbis that some of their rivals are offering for even less—some deals have been heard around $18.00 cwt. ($360/nt or $397/mt).
On the domestic side, sources tell SteelOrbis that spot deals have become so prevalent in the market that there is “literally nothing available” over the $31.00 cwt. ($620/nt or $683/mt) ex-mill price point. Underneath that, deals are too wide-ranging and individualized to gather into a generalized range, but there is little chance that mills will attempt to “clean up” the market with an official price decrease—despite lowering prices for other long products in the last week or so.