Although import rebar offers from Turkey stayed neutral on the CFR end, traders tell SteelOrbis that the uptrend still in play is necessitating a long-overdue increase in sales prices in the US. When the quarter-long downtrend in Turkish rebar prices started a gradual reversal in late March, traders were wary of raising sales prices in response, wondering if the uptrend would stick. But now that it has, they are slowly firming up offers—by $0.50 cwt. ($10/nt or $11/mt) this week, into the range of $23.00-$24.00 cwt. ($460-$480/nt or $507-$530/mt) DDP loaded truck in US Gulf ports. Despite the increase, traders say inquiry activity for futures is also improving, even though there are reportedly “plentiful” positions available still, especially at Gulf area ports. However, those are going for about $1.00 cwt. ($20/nt or $22/mt) more than futures.
On the domestic side, sources tell SteelOrbis that “the time is right” for a rebar price increase, and even though the spot range is still around $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill, transactions at the bottom end of the range are becoming increasingly rare, even for large customers.