Although there are still deals available below the current US domestic rebar spot range of $36.75-$37.75 cwt. ($810-$832/mt or $735-$755/nt) ex-mill, they are becoming less common and not as deep compared to last week. Part of the firming trend can be attributed to speculation of another sideways scrap move next month, but much of it is the result of mills letting customers know that rebar supply will be tighter in Q2, due to planned maintenance-related production reductions and the expectation of increased demand. The fabrication sector, in particular, has been gaining steam as of late, and while the construction sector has not regained its pre-recession robustness, it does show signs of improvement throughout the spring. Therefore, while rebar prices are mostly stable for now, there is a good chance they will trend upward in the near- to long-term.
As for imports, activity has quieted somewhat in the last week, both with future order inquiries and on-the-ground position purchases from the port. Future shipment offers from Turkey are still in the range of $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) DDP loaded truck in US Gulf ports with little interest, while import positions are going for around $35.00 cwt. at the port. Mexican offers are also unchanged from last week, in the range of $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt) DDP loaded truck delivered to US border states, although traders tell SteelOrbis that Mexican mills are still willing to negotiate lower if an order is attractive enough.