Are US import rebar prices poised for downtrend?

Thursday, 01 May 2014 01:42:55 (GMT+3)   |   San Diego
       

As interest in booking imported rebar from Turkey has waned since the US DOC preliminary determinations, traders tell SteelOrbis that Turkish mills are considering whether to let their offer range soften a bit.  Already, traders are booking orders so low that “it’s almost at a loss,” leading to uncertainty that even lower prices will spur interest. The current offer range is still at $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) DDP loaded truck in US Gulf ports--unchanged in the last week--but that range could adjust in the next week or two.

The US domestic market, meanwhile, has remained silent in terms of a possible price increase, which has led many to believe US mills have decided against it. Predictions of a sideways-to-down price trend for scrap in May has removed one incentive to raise prices, while still-low import offers are another. Sources tell SteelOrbis that customer resistance to the idea of higher prices has held much sway with mill decision-makers, but even if no increase is forthcoming, mills are still expected to keep a firm grip on the current spot price range of $33.50-$34.50 cwt. ($670-$690/nt or $739-$760/mt) ex-mill.


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