Although a scrap price uptrend in Turkey would normally be cause for raising rebar offers to the US, traders tell SteelOrbis that prices have remained “surprisingly steady” in the last week, likely as a result of Turkish mills “laying low” ahead of the final trade case ruling against them, scheduled for mid-September. Already, the one Turkish mill that was offering rebar “duty unpaid” last week has reversed course and is offering “duty paid” again. The current offer range in the US, still at $28.75-$29.75 cwt. ($575-$595/nt or $634-$656/mt) DDP loaded truck in US Gulf ports, is expected to hold for the next few weeks.
As for the US domestic market, spot prices have remained firm in the range of $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill, and rumors of another modest price increase next month are already starting to swirl. Sources tell SteelOrbis that after the success of US mills’ recent “small bite” strategy of increasing prices, even months without a corresponding uptrend in scrap prices could bring rebar increases based mostly on solid demand.