The resistance to high import rebar offers in the US market has continued this week, with reports that Turkish mills are “open” to lower price levels. However, sources tell SteelOrbis that while offer prices in general are due for a correction, US customers should not expect a sharp drop in Turkish rebar prices soon because traders were cautious about increasing sales prices in the US in response to the recent strong upward trajectory in the Turkish rebar market.
Still, traders report “healthy” interest in imports from US customers, in large part because of high US domestic rebar prices, but customers are “still looking for deals.” And with the likelihood of Turkish rebar prices facing an imminent downtrend, sources tell SteelOrbis that import offer prices have softened in the US market.
This week, imported rebar in the US domestic market from Turkey is in the range of $24.50-$25.50 cwt. ($490-$510/nt or $540-$562/mt) DDP loaded truck in US Gulf ports, reflecting a decrease of $0.50 cwt. ($10/nt or $11/mt) since our last report a week ago.