Sources tell SteelOrbis that Turkish mills are still trying to uplift their export rebar market, but buyers in the US are resisting. Traders report higher offers quoted on the mill end, but actual transactions are stable, with even a few outlier deals reported for about $5/mt less than the current CFR range. However, this does not necessarily mean the overall range will start dropping again—at the CFR level or sales prices in the US. Turkish mills are trying to draw a line, sources say, and even if they struggle to get prices up, there is little chance they will let offers fall. For now, offer prices for Turkish rebar are still in the range of $17.00-$18.00 cwt. ($340-$360/nt or $375-$397/mt) DDP loaded truck in US Gulf ports.
The US rebar market, meanwhile, is still stagnant, with spot prices still ranging from $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. However, sources tell SteelOrbis that there is chatter around this week’s wire rod increase, which might signal increases in other long products as well.