Although US import rebar prices to the US from Turkey are stable this week, sources say the neutral trend doesn’t necessarily represent a price bottom. A more realistic description of the market is that Turkish rebar is currently caught between two diverging trends: slight rises in Chinese billet prices combined with low domestic activity. Traders tell SteelOrbis that Turkish mills will likely push for higher prices once the market resumes from the end-of-Ramadan holidays, but for now they are “stuck”.
As such, current offers in the US for Turkish rebar are still at $20.50-$22.50 cwt. ($410-$450/nt or $452-$496/mt) DDP loaded truck in US Gulf ports. Yet another factor influencing prices is slower buying activity from US customers due to the annual summer slowdown, so if Turkish rebar prices indeed rise in the near-term, sources say Turkish mills should prepare for a lackluster response.