After the Port of Houston reopened much faster than anticipated following Hurricane Harvey, sources tell SteelOrbis their expectations for the US import rebar market are not as dire as previously predicted. Most terminals at the port suffered little damage despite the flooding, and on-the-ground inventory assessments indicate import rebar damage is minimal. One large distributor source said his import rebar stocks in Houston are “rolling and shipping” now that predictions of massive inventory losses and suspended shipments have not come to pass.
As for new orders, inquiry activity to Turkey has been on hold for the last few days as steel producers in the country remained closed for a holiday. However, traders tell SteelOrbis that the price trend for import rebar to the US is looking up due to rising scrap costs, and higher quotes should be available by the end of this week. Until then, offers for imported rebar in the US domestic market from Turkey are still in the range of $27.25-$28.25 cwt. ($545-$565/nt or $601-$623/mt) DDP loaded truck in US Gulf ports—unchanged in the last week.