Although cheap rebar import positions are still widely available at US ports and future order offers are still around $10.00 cwt. ($200/nt or $220/mt) under US domestic spot prices, sources tell SteelOrbis that a surge in purchasing activity is just around the corner now that the weather is amenable to construction projects. As such, inventories will soon need replenishment, and the increase in demand is expected to mitigate the influence of imports on domestic prices. Already, deep discounts for select US rebar buyers are drying up in the market, with average purchasing prices still hovering around $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill, although with indications of a slow upward trend.
As for imports, prices are stable from last week, with offers from Turkey still ranging from $21.75-$22.75 cwt. ($435-$455/nt or $480-$502/mt) DDP loaded truck in US Gulf ports. However, traders tell SteelOrbis that even though prices ticked down a week ago, the lower end of the current range is becoming less available as it becomes clear that the bottom has been reached—for now—in Turkish rebar offers.