Purchasing activity within the US import rebar market remains muted as buyers wait on the sidelines for prices to hit bottom. However, inquiry activity is relatively robust, sources say, as buyers seem eager to see where prices are falling on a day-to-day basis. This week, offers from European rebar mills have ticked down slightly, while new offers from Turkey are finally being discussed.
Import rebar offers to the US from Spain are now at $33.00 cwt. ($728/mt or $660/mt) DDP loaded truck at US Gulf ports, while offers from Bulgaria and Portugal are now at $33.50 cwt. ($739/mt or $670/nt) DDP loaded truck at US Gulf ports, both reflecting a $0.25 cwt. ($5.50/mt or $5/nt) decrease in the last week.
Additionally, a new import rebar price has been heard from Turkey, around $31.50 cwt. ($694/mt or $630/nt) DDP loaded truck at US Gulf ports. Sources say buyers in the US are “strongly considering” the Turkish offers, although there is still some hesitation regarding whether that price will drop in the near-term as well.