Although import rebar offers to the US from Turkey seemed to be on a strong upward trajectory last week, Turkish demand for scrap has softened a bit this week, with mills reportedly pushing for lower prices. As such, Turkish mills have not been as aggressive with import rebar offers to the US so far this week, and US-based traders have reacted by keeping their sales prices level while they wait for a clear market direction.
However, some sources tell SteelOrbis that offer prices from Turkey are expected to rise again by the end of the week, so the current sales price offer in the US might not last. Currently, imported rebar in the US domestic market from Turkey is still in the range of $25.00-$26.00 cwt. ($500-$520/nt or $551-$573/mt) DDP loaded truck in US Gulf ports.
Further, sources report indications in the market that the final margins in the ongoing trade case against Turkish rebar (along with Taiwan and Japan) could exceed preliminary margins by “a percentage or two.” While the information is currently considered a rumor, the result of the rumor gaining steam could be higher “pre-emptive” offers from Turkey ahead of the US DOC’s final determination in May.