Traders who were wary about continuously uptrending import rebar offers from Turkey found their caution justified by the end of last week, when offers finally started to stumble after hitting their peak. In the ensuing days, offer prices have not declined as sharply as they rose in the first place, but the moderate $5/mt drop on the CFR level is “only the beginning,” according to traders.
Sources tell SteelOrbis that ultimately, import offers will likely settle at levels slightly beneath where they were before the recent series of price boosts, which has left many US buyers on the sidelines waiting. As such, many traders have not adjusted their offers into a general range, but sources say for now, the lowest price available is around $25.00 cwt. ($500/nt or $551/mt) DDP loaded truck in US Gulf ports. Even so, booking activity is low while customers wait to see how far the margin will spread between falling import offers and rising domestic spot prices.