Lower scrap prices in Turkey have continued to put pressure on finished steel prices, and sources tell SteelOrbis that the downtrend in import rebar offers to the US is expected to continue. A small decrease of $0.25 cwt. ($5/nt or $5.50/mt) in traders’ prices to US customers has been reported this week, and sources say price could drop again by the end of the week.
As such, imported rebar in the US domestic market from Turkey is now in the range of $24.25-$25.25 cwt. ($485-$505/nt or $534-$556/mt) DDP loaded truck in US Gulf ports. However, sources tell SteelOrbis that any further downtrend in offer prices will be mild, as Turkish mills are extremely cautious about keeping price levels above “antidumping red flag territory,” especially in light of the AD/CVD petition filed this week against wire rod producers in Turkey and nine other countries.