Although the elimination by the US of its additional 25 percent safeguard tax on imports of Turkish rebar was announced in mid-May this year and was followed by numerous rumors regarding the resumption of Turkish trade to this destination, the first solid deal was closed just recently, SteelOrbis understands.
A Marmara region-based Turkish steel producer, according to market sources, closed a transaction for 15,000 mt of rebar to the US earlier in August at $635-640/mt CFR on theoretical weight basis, duty paid. The seller would need to sell additional tonnages in order to achieve better freight rates. However, the producer might combine the marketed volume with some orders from Central and Latin America, where it is traditionally active.
In the meantime, market players estimate that currently the workable price levels for import rebar in the US are in the range of $630-635/mt CFR on theoretical weight basis, SteelOrbis has learned.