After higher offer prices were reported near the end of last week in the US import rebar market, sources tell SteelOrbis that offers have stabilized and interest remains “firm but unchanged.” Apprehension fueled by the Section 232 investigation has resulted in much lower year-on-year import tonnages, with only 97,655 mt in rebar import permits for this month (as of Jan. 26), compared to 199,112 mt of rebar imports in January 2017.
Sources say position tons currently at US ports are not “significantly cheaper” than current offer prices for future shipments, and the only “spark of hope” in the import market is the widening gulf between import and US domestic prices, which have increased at a much faster rate than imports in the last two months.
As such, most offers for imported rebar in the US domestic market from Turkey are being heard around the level of $31.50 cwt. ($630/nt or $694/mt) DDP loaded truck in US Gulf ports. However, some sources are reporting that deals can be found for significant tonnage orders.