Rebar offers to the US from Turkey officially hit bottom last week, but traders tell SteelOrbis that they are hesitant to pass along higher prices to their customers “just in case” the trend doesn’t last. However, they are also reportedly revoking the lowest offers from last week, which means US customers willing to book now won’t be paying any less than $18.00 cwt. ($360/nt or $397/mt) DDP loaded truck in US Gulf ports. However, some sources say they are selling closer to $20.00 cwt. ($400/nt or $441/mt) DDP loaded truck in US Gulf ports, believing the uptrend is here to stay—at least for a while—and customers should book now before prices rise higher.
A long-term uptrend for imports is no doubt good news to US rebar mills, which have been offering a variety of individual deals in the domestic market for months in lieu of an official price decrease. Already, sources tell SteelOrbis that large customers will have a hard time negotiating for last week’s low end of the spot price range, $26.00 cwt. ($520/nt or $573/mt) ex-mill although there have not been any orders reported over the high end of $29.00 cwt. ($580/nt or $639/mt) ex-mill.