Although import rebar offers from Turkey to the US have dropped yet again on the CFR level, sources tell SteelOrbis that buyers looking to book futures are holding out for a price bottom, leaving interest high but actual bookings low. Therefore, traders are still offering Turkish rebar in last week’s range of $27.50-$28.50 cwt. ($550-$570/nt or $606-$628/mt) DDP loaded truck in US Gulf ports, although the bottom end is reportedly flexible for the right customer.
Meanwhile, US domestic rebar demand is still going strong, giving mills the leverage to hold tight to their still-current spot price range of $35.25-$36.25 cwt. ($705-$725/nt or $777-$799/mt) ex-mill. Sources tell SteelOrbis a few large distributors are able to negotiate closer to the $34.00 cwt. ($680/nt or $750/mt) ex-mill level, but that is more indicative of tonnage levels and underlying relationships than an indicator of a spreading trend. However, as the end of the quarter approaches along with softened demand from weather-vulnerable end-use sectors, sources believe mills might extend their price flexibility to a larger portion of the market.