Activity within the US domestic rebar market has remained slow in the past week, but sources say they are “watching mills closely” for hints of a post-summer price policy after the Labor Day Holiday. Predictions for the September scrap trend are currently trending neutral, and with import arrivals dwindling this month, some sources are wondering if US rebar mills will attempt to make up for a summer’s worth of slow buying activity with a slight price increase.
According to the latest US import data, preliminary rebar imports from Turkey in July reached 187,556 mt, while import permits as of Aug. 24 have only totaled 89,419 mt this month. Without competition from low-priced import positions with small tonnage requirements, US mills will be in a “prime” position for an increase, sources say, while others think mills will wait a month or two and try for a more substantial increase. For now, spot prices are still hovering around $27.00-$29.00 cwt. ($540-$600/nt or $595-$640/mt) ex-mill—unchanged in the last week—with few deals available beneath the range.