Offer prices for Turkish rebar to the US are stable this week, with sources reporting low inquiry activity for future orders as a result of the deluge of import rebar positions available. The latest US steel import data show import permits for Turkish rebar totaling 173,132 mt for the month of July, and sources say traders are offering “very attractive” deals, with some heard as low as $1.00 cwt. ($20/nt or $20/mt) below the current future order range of $20.00-$22.00 cwt. ($400-$440/nt or $441-$485/mt) DDP loaded truck in US Gulf ports—unchanged in the last week.
However, sources believe the excess inventory won’t last long, leading to a relative “drought” in arrivals in early fall. As for the alternate sources of import rebar mentioned last week, traders say that unless offers fall well below current Turkish offers, US customers will likely stick to available positions and small-tonnage domestic orders for immediate needs.