While US domestic rebar prices have been on a steady but strong uptrend for the last few months, US mills will likely have to back off on the increases next month, even though they claim raw materials are no longer part of their price policy decision process. Current predictions are for shredded scrap prices to move slightly down (some point to a sideways trend, but they’re in the minority), but even if scrap dropped by up to $20/lt, sources tell SteelOrbis that rebar mills would respond by simply keeping prices stable--after all the gains in the last few months, mills are unwilling to budge from current levels. However, they might be amenable to special deals for larger customers, but any discounts will be minimal. Until anything is settled, US domestic rebar spot prices are still in the range of $34.50-$35.50 cwt. ($690-$710/nt or $750-$782/mt) ex-mill—unchanged in the last week.
As for imports, offer prices from Turkey have dropped about $0.50 cwt. ($10/nt or $11/mt) in the last week into the range of $31.00-$32.00 cwt. ($620-$640/nt or $683-$705/mt) DDP loaded truck in US Gulf ports, although the lower prices aren’t garnering as much attention as traders anticipated. With the next determination in the trade case against Turkey and Mexico only weeks away, most buyers in the US are more apt to wait it out. It might be worth it if prices from alternate sources become more attractive--traders tell SteelOrbis that they have submitted bids to Taiwanese mills for offers closer to Turkish levels, although they haven’t heard back quite yet. Until then, offers from Taiwan are currently available in the range of $32.50-$33.50 cwt. ($650-$670/nt or $717-$739/mt)DDP loaded truck in US West Coast ports, while Portuguese offers are also unchanged in the range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) DDP loaded truck in US Gulf ports.