After a week of neutral pricing activity, Turkish mills relented to demand pressure and dropped rebar offers to US-based traders this week by about $10/mt on the CFR level. However, traders don’t see this price reversal as a temporary downtick—sources say prices will probably dip lower, so for now traders are holding off on booking and they’re keeping the general offer range for Turkish rebar prices in the US at $22.00-$23.00 cwt. ($440-$460/nt or $485-$507/mt) DDP loaded truck in US Gulf ports.
As for the US domestic rebar market, sources are starting to indicate that another official price decrease might be on the horizon. With scrap prices predicted to move sideways at best next month (but most think they will drop slightly) and import positions continuing to flood the ports, mills are finding it difficult to stand firm with the current spot range of $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill. Deals are still available for large customers, but some medium-sized customers have reportedly found opportunities for flexibility as well.