Although sources continue to report higher interest in US import rebar offers, actual bookings are not quite matching inquiries yet. Some sources point to another month of lower scrap prices in the US, which will most likely translate into reduced prices. Import rebar offers to the US are still trending downward as well, but sources say the downticks on the domestic side will be more pronounced in the near-term.
This week, US import offers from Algeria are at $39.50-$40.50 cwt. ($871-$892/mt or $790-$810/nt) DDP loaded truck in US Gulf ports, down $0.50 cwt. ($11/mt or $10/nt) in the last week. Offers from Mexico are also down slightly week-on-week, now ranging from $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) DDP Houston, compared to $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt) DDP Houston last week.