Another week of lower import prices and a seasonal softening in overall buying activity has finally caught up with US domestic rebar mills, shifting the spot price range downward. The low end of last week's range has slipped $0.50 cwt. ($10/nt or $11/mt) to $34.00 cwt. ($680/nt or $750/mt) ex-mill, while sources say no one is paying over $35.00 cwt. ($700/nt or $772/mt) ex-mill. Of course, the downward shift in prices has been "quiet" rather than "official", and the individually-based deals still vary between regions and customer size. But sources do not expect prices to shift much further for the rest of the year, as US mills still have short lead time and "Buy American" end-use demand on their side.
Import offers, meanwhile, have seen another slight drop on the CFR level this week, but traders tell SteelOrbis that a holiday-related lack of interest has not changed the sales price offers in the US. As such, anyone who might want to book this week would still be offered Turkish rebar in the range of $26.50-$27.50 cwt. ($530-$550/nt or $584-$606/mt) DDP loaded truck in US Gulf ports.