As offer prices for import rebar from Turkey continue to drop, traders tell SteelOrbis that they’re still waiting to make significant orders, saying prices will most likely drop further in the next couple weeks due to China’s relentless competition with Turkey’s major export markets (sources say CFR prices from China are around $70/mt less than Turkey). Already, US traders have dropped sales prices in the US for future Turkish arrivals by about $0.75 cwt. ($15/nt or $17/mt), with offers now in the range of $28.00-$29.00 cwt. ($560-$580/nt or $617-$639/mt) DDP loaded truck in US Gulf ports. As for spot prices for already-arrived import rebar (which is still plentiful), traders say most can be found for $29.00 cwt. and up.
The US domestic rebar market, meanwhile, has continued its steady trend this week, with sources reporting decent activity and spot prices still in the range of $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill. However, some sources say that the stability might not last once the predicted Q1 flood of imports arrives again.