Even though the window of opportunity has passed for import rebar orders to arrive in the US before the April trade case ruling, Turkish rebar mills are still aggressively courting US traders for May arrivals. Believing that “if” duties are levied against Turkish rebar, they will be minimal, Turkish mills are reportedly showing no signs of backing off, although they have taken a breather from lowering prices beyond the current range of $29.50-$30.50 cwt. ($590-$610/nt or $650-$672/mt) DDP loaded truck in US Gulf ports. Mexican mills are also “antsy” for US orders, according to SteelOrbis sources—there’s a strong likelihood that interested buyers can book for under the current range of $32.00-$33.00 cwt. ($640-$660/nt or $705-$728/mt) FOB loaded rail car.
As for the US domestic rebar market, prices are still stable in the range of $33.50-$34.50 cwt. ($670-$690/nt or $739-$760/mt) ex-mill. While import deals are still rampant and scrap prices are soft, sources tell SteelOrbis that US rebar mills will most likely not lower prices this month, believing scrap has hit bottom and the import situation will work out in their favor.