Although import rebar offers to the US from Turkey have remained level this week, traders tell SteelOrbis that it is too soon to call the trend a reversal. Increasing scrap prices in Turkey have spurred rebar mills to boost offers to the US by around $10-$15/mt on the CFR level, but the new price points have not yet been accepted in the market. According to SteelOrbis sources, traders are expecting small, incremental increases instead of large bumps, and are trying to negotiate new prices accordingly. On the other hand, many US-based traders are content to sit back through the holidays and wait until the New Year to see if Turkish mills relent. As such, offer prices in the US are still in last week’s range of $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) DDP loaded truck in US Gulf ports.
Meanwhile, sources tell SteelOrbis that Nucor’s unwillingness to bend in regards to its recent Midwest-only rebar price increase indicates that not only is a price adjustment for other regions likely in the near term, but other mills could very well take the hint and quietly increase their own prices. So far, the general spot price range is still hovering at $34.00-$35.00 cwt. ($680-$700/nt or $750-$772/mt) ex-mill, but sources say that number will be up by at least $0.50 cwt. ($10/nt or $11/mt) across the board by next week.