Although the downticks in the US import rebar market have been slight, they have had the cumulative effect of reaching record-low prices—and traders say the end of the trend isn’t in sight. Offers for Turkish rebar have dropped by a mere $0.25 cwt. ($5/nt or $5.50/mt) in the last week, bringing prices into the range of $20.00-$21.00 cwt. ($400-$420/nt or $441-$464/mt) DDP loaded truck in US Gulf ports. However, sources tell SteelOrbis that import buyers in the US are starting to sense that it might be better to “get in while the getting’s good”—that is to say, place orders now just in case the trend reversal is sooner than expected. As such, traders say inquiries are starting to pick up.
As for the US domestic market, mills are still “tight-lipped” about the direction for rebar prices in September. Rumors of an increase—regardless of what scrap prices do—have quieted somewhat, leaving many expecting yet another month of stagnant prices in the range of 31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill. However, as before, very few transactions are taking place at the upper end of the range.