Last week’s slight rise in US import rebar offers from Europe due to higher energy costs has dissipated, with no higher prices reported. In fact, sources tell SteelOrbis that offers are soft again, and while the general offer ranges from Turkey and Algeria are stable, offers from Mexico are down week-on-week.
Sources attribute the softening to a general lack of strong interest in the market—many thought US buyers returning from the Labor Day holiday last week would jump back into the import rebar market this week, but it hasn’t been the case—some point to lower US scrap prices and the likelihood that will soften US domestic rebar prices further.
For now, US import rebar offers from Algeria are still in the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) DDP loaded truck in US Gulf ports, with Turkish offers about $1.00-$2.00 cwt. ($22-$44/mt or $20-$40/nt) lower. Meanwhile, import rebar offers from Mexico are now heard in the range of $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) DDP Houston, down $1.00 cwt. week-on-week.