US domestic rebar mills declined to announce an “official” price increase announcement last month, which was expected especially after the Department of Commerce issued a preliminary ruling in their favor in the trade case against Turkey and Mexico. But sources tell SteelOrbis that mills have issued a “silent” price increase in the last few days, ranging anywhere between $0.50-$1.00 cwt. ($10-$20/nt or $11-$22/mt), depending on the region. While most distributors have had to pay “something”--lifting the general spot range by an average of $0.75 cwt. ($15/nt or $17/mt)--some have had a reprieve for the time being, and are still paying last week’s prices. Regardless, most in the market expect mills to announce an official increase as soon as scrap prices settle this month. Current projections are holding at a soft-sideways trend for scrap, but even if prices dip, rebar mills will still most likely increase prices, even by a small amount. Until then, rebar spot prices are now in the range of $34.25-$35.25 cwt. ($685-$705/nt or $755-$777/mt ex-mill.
As for imports, Turkish offers are still available in the range of $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) DDP loaded truck in US Gulf ports, and previous expectations of a downward trend have seemed to stave off for now as Turkish mills try to hold the line.