New import sources attempt to gain foothold in US rebar market

Thursday, 12 September 2013 01:01:20 (GMT+3)   |   San Diego
       

Although many traders in the US are wary about continuing to offer import rebar from Turkey and Mexico considering the trade suits against them filed last week, others do not believe the "critical circumstances" threshold will be met, which would make any final determination retroactive.  As such, traders are continuing to offer within the window of time before the US Department of Commerce makes any preliminary rulings of injury.  Rebar offers from Mexico are still in the range of $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt) DDP loaded truck delivered to US border states--unchanged in the last week--but offers from Turkey are up slightly.  Traders tell SteelOrbis that the new range of $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) DDP loaded truck in US Gulf ports isn't exactly an increase; the $0.50 cwt. ($11/mt or $10/nt) rise in the last week reflects traders' unwillingness to make deals as aggressively as before, considering the tight availability likely on the horizon. 

And as availability of Mexican and Turkish rebar decreases, offers from alternative sources will soon take center stage.  Already, traders are offering rebar from Japan at $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck in US Gulf ports (although positions are available for slightly less) and from Korea at $32.00-$33.00 cwt. ($705-$727/mt or $640-$660/nt) DDP loaded truck in West Coast ports.  Some European sources have also been discussed, such as Spain and Portugal, but prices based on actual orders could not be confirmed.

Compared with the buzz in the import market, the US domestic rebar market is relatively quiet, although sources say US mills are already looking for ways to benefit from the trade suits, regardless of their outcome.  For now, spot prices are still in the range of $31.50-$32.50 cwt. ($705-$717/mt or $630-$650/nt) ex-mill, although deals at the lower end of the range are starting to become less frequent.


Similar articles

Major steel and raw material futures prices in China - April 23, 2024

23 Apr | Longs and Billet

Indian local rebar prices post decline in some regional markets as previous rises were too fast

23 Apr | Longs and Billet

Turkish domestic rebar spot market makes quiet start to week

22 Apr | Longs and Billet

Local Chinese longs prices rise further, but at slower pace

22 Apr | Longs and Billet

Major steel and raw material futures prices in China - April 22, 2024   

22 Apr | Longs and Billet

Shagang Group raises local rebar prices by $7 for late April

22 Apr | Longs and Billet

Domestic rebar prices in Taiwan - week 16, 2024

19 Apr | Longs and Billet

Rises in ex-China rebar prices push up ex-ASEAN offers

19 Apr | Longs and Billet

Major steel and raw material futures prices in China - April 19, 2024

19 Apr | Longs and Billet

Mexican rebar consumption up 2.4 percent in February

18 Apr | Steel News