US import rebar market hesitant to act

Tuesday, 18 June 2019 23:04:38 (GMT+3)   |   San Diego
       

Although there have not been any major changes in US import rebar offer prices in the last week, sources tell SteelOrbis that buyers are “extremely hesitant” to book orders, believing the price bottom has not yet been reached. US import rebar offers from Spain are still heard at $33.25 cwt. ($733/mt or $665/nt) DDP loaded truck at US Gulf ports, and offers from Bulgaria and Portugal are still around $33.75 cwt. ($744/mt or $675/nt) DDP loaded truck at US Gulf ports.

US import rebar buyers are also wondering if the abundance of arrivals in May (113,649 mt in import permits compared to April’s final census total of 84,543 mt) could lead to lower position prices as traders look to cut through inventory. So far, US import rebar permits this month as of June 18 show a significant decrease, at 34,712 mt, so sources say any price vulnerability due to oversupply won’t last.


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