Even though offer prices for Turkish rebar have slipped again this week on the CFR level (by about $5/mt), traders tell SteelOrbis that they are still reluctant to drop sales prices below current levels of $28.75-$29.75 cwt. ($575-$595/nt or $634-$656/mt) DDP loaded truck in US Gulf ports in light of abundant new arrivals. However, a few disparate deals have been heard of as low as $28.50 cwt. ($570/nt or $589/mt), and traders say that if Turkish offers continue to fall, such deals will become more prevalent.
As for the US domestic rebar market, spot prices are still firm in the range of $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill, with demand and order activity steady. However, buyers are starting this month to look to Q1 import arrivals, and much-lower offer prices from Turkey are certain to catch their attention. This does not necessarily mean, sources say, that US mills will become flexible with their range to compete.