Pressure on US domestic rebar mills has increased this week from dual import factors, but it is not yet clear how--or when--they will respond. More and more buyers have been able to book close to the $34.00 cwt. ($680/nt or $750/mt) ex-mill level, while most transactions are taking place in the range of $34.50-$36.00 cwt. ($690-$720/nt or $761-$794/mt) ex-mill. Sources tell SteelOrbis that demand is still strong and purchasing activity is still decent, but with the end-use slowdown from winter weather approaching, that leverage won’t last much longer
Already, Turkish rebar offers to the US have dropped another $0.50 cwt. ($10/nt or $11/mt), bringing prices into the range of $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) DDP loaded truck in US Gulf ports. In addition to softening future order offers, positions are still in ample supply at the ports. According to US import license data, over 107,000 mt of Turkish rebar arrived into the US in October, with over 51,000 mt already arriving this month (as of November 12).