Although many in the US import rebar prices thought the “breather” last week indicated the bottom of the trend, offer prices have slipped again—albeit very slightly. Traders are now offering Turkish rebar in the range of $20.75-$21.75 cwt. ($415-$425/nt or $457-480/mt) DDP loaded truck in US Gulf ports, reflecting a $0.25 cwt. ($5/nt or $5.50/mt) drop in the last week. However, opinions are mixed as to whether this indicates further declines in offer prices. Some traders say there is “no way” Turkish import rebar prices—which are already at a record low—could drop any further. Others say that until there is a significant uptick in ordering activity, Turkish mills will continue to aggressively drop prices to the US.
Regardless of whether the downtrend in import prices is over or not, the trend is still being felt in the US domestic rebar market, where the pressure on US mills to drop prices is increasing. Many in the market have been expecting an announcement for weeks, and some sources say they are “concerned” about the mill silence, wondering if they are preparing for another trade case. In any event, spot prices for US domestic rebar are still hovering around the low-to-middle end of the $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill range.