Continuing along a strong uptrend, US import rebar offers from Turkey saw another spike in the last week, but traders are wary about attempting to pass along new price levels to customers. Mostly resulting from a spike in US export scrap prices to Turkey late last week, the new CFR offers out of Turkish mills is not expected to be the end of such price jumps, but traders are treading cautiously, only raising sales prices in the US by a fraction.
New offer prices for Turkish rebar are now around $23.50-$24.50 cwt. ($470-$490/nt or $519-$541/mt) DDP loaded truck in US Gulf ports, which is only $0.25 cwt. ($5/nt or $5.50/mt) more than last week. Traders tell SteelOrbis that if they aligned sales prices directly with CFR offers, the range would be about $1.50 cwt. ($30/nt or $33/mt) more. Additionally, sources think CFR prices could jump another $50/mt before hitting their peak, after which the realities of demand will force prices to come down.