Although many sources still tell SteelOrbis that a US domestic rebar price increase is likely to be announced in the near-term, no indications from mills have been heard aside from an increasing firmness against deals. Spot prices are still in the level of $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill, but sources report that discounts that were obtainable just a month ago are now “off the table”—apparently, mills won’t even reconsider when customers threaten to take their order elsewhere.
Strong, steady demand seems to be the primary reason for the upward tilt of the trend, with little to no concern about import offers. Turkish rebar prices have taken a breather from dropping this week, but downtrending scrap in Turkey will almost guarantee offers will continue to decline. For now, import offers remain in the range of $22.50-$23.50 cwt. ($450-$470/nt or $505-$526/mt) DDP loaded truck in US Gulf ports.