More countries are now providing competitive
rebar offers to the US, so
Turkey is no longer the only major import source for
rebar.
In fact, many Turkish mills are no longer offering to the US since their home market is so hot right now -- Domestic offers in
Turkey are at around $520 /mt FOB mill. Some Turkish mills are delaying shipments to the US in order to produce
rebar for their home market.
Countries like
Russia,
Japan,
Taiwan, and
Malaysia now fully participate in imports to the US and are offering competitive prices.
The import pricing trend is strongly up, as US demand continues to be robust. With some Turkish offers off the table, traders are flocking to other countries. For example, a Malaysian
rebar producer reported that they have nearly 100'000 mt worth of inquiries from the US. Non-residential
construction-related applications are providing the majority of the US' seemingly insatiable demand for
rebar.
Import
rebar offering prices remain at the same range as last week, from $23.50 cwt. to $24.50 cwt. ($518 /mt to $540 /mt or $470 /nt to $490 /nt) FOB loaded truck in US Gulf ports.
Domestic offering prices have also not changed since last week, still ranging from $24.25 cwt. to $25.25 cwt. ($535 /mt to $557 /mt or $485 /nt to $505 /nt) FOB mill. Extras change from one domestic producer to another and vary depending on bar size, grade, and length. The smallest
rebar size, #3 (9.5 mm) fetches the highest extra.
But unlike the import trend, the trend for domestic
rebar pricing is still neutral, as US mills have not yet made any move to increase prices. Although the domestic trend is not strongly up like the import trend, high demand and high import prices will prevent the US market from slipping.