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.