After a steady weeks-long rising trend, import rebar offers from Turkey to the US have stabilized this week hand-in-hand with tepid ordering activity due to the Thanksgiving holiday. However, once the market resumes next week, sources say new orders will still have to compete with the influx of positions into the port.
As of November 22, US import rebar permits from Turkey for the month have already surpassed October levels (92,485 mt and 83,308 mt, respectively), although on a year-on-year analysis, November arrivals seem to be on par with those in November 2015 (96,632 mt). Sources tell SteelOrbis that position tags are still coming in lower than current offer prices, and many traders are reportedly reluctant to cut deals in order to unload inventory considering the sharp uptrend in US domestic spot prices.