Continued price pressure from raw materials has led to another minor slip in import rebar offers to the US, although interest in future orders is taking a back seat to positions currently arriving in US ports. Traders tell SteelOrbis that Turkish rebar offers are now in the range of $16.50-$17.50 cwt. ($330-$350/nt or $363-$395/mt) DDP loaded truck in US Gulf ports, but readily-available tons at just a dollar or two more at the ports are currently attracting more attention. According to US import permit data, 139,724 mt of Turkish rebar arrived into the US in January, with higher tonnage totals expected for February.
As for the domestic market, the sideways scrap trend this month has put a damper on rumors of a rebar price increase, especially considering increases for other long products, set to take effect this month, have had difficulty absorbing into the market. Nevertheless, demand for rebar remains strong even if margins are thin, with spot prices still in a wide range of $26.50 cwt. ($510/nt or $562/mt) ex-mill on the low end and $29.00 cwt. ($580/nt or $639/mt) on the high end.