Despite the slight drop in US import rebar offers in our report last week, sources tell SteelOrbis that demand for import rebar has not marginally improved and inquiry activity remains muted. As such, offer prices have remained neutral week-on-week.
US import rebar offers from Spain are still trending at $33.75 cwt. ($744/mt or $675/nt) DDP loaded truck at US Gulf ports, while offers from Bulgaria and Portugal are still around $34.25 cwt. ($755/mt or $685/nt) DDP loaded truck at US Gulf ports.
Looking ahead, interest in US import rebar is expected to trend downward in the near term due to US domestic rebar trends. The predicted drop in US domestic shredded scrap prices this month is expected to put pressure on US domestic rebar prices. If US rebar mills are eager enough for orders, sources say, buyers will likely turn to them for material rather than “taking their chances” on imports.