Rising scrap prices in Turkey—and subsequent higher Turkish domestic rebar prices—has changed the trend within US import rebar market from last week’s “soft-stable” to “slightly up,” as traders report higher quotes on their end. However, sources tell SteelOrbis that traders are hesitant to adjust sales prices in the US before “gaining clarity” on the near-term future of the market.
One factor that could complicate the chances for higher import rebar prices in the US is the fresh influx of Turkish rebar into US ports this month. After accounting for zero tonnage in September and just under 10,000 mt in August (compared to monthly volumes that are typically closer to 100,000 mt), import rebar permits from Turkey this month (as of Oct. 10) have already reached close to 60,000 mt. Those rebar tonnages come with price tags slightly lower than current import offers, offering an alternative to booking future arrivals, especially considering how narrow the gap is currently between current import offers and US domestic prices.
For now, offers for imported rebar in the US domestic market from Turkey are still in the range of $28.50-$29.50 cwt. ($570-$590/nt or $628-$650/mt) DDP loaded truck in US Gulf ports—unchanged in the last week.