US import rebar market stabilizes for the week

Tuesday, 19 September 2017 01:04:39 (GMT+3)   |   San Diego
       

Although the US import rebar trend has followed a steady upward trend in recent weeks, sources tell SteelOrbis that prices have stabilized this week, and despite current weakness in certain scrap markets, the stability is expected to continue in the near term. As such, offers for imported rebar in the US domestic market from Turkey are unchanged in the range of $28.50-$29.50 cwt. ($570-$590/nt or $628-$650/mt) DDP loaded truck in US Gulf ports.

However, purchasing activity is not entirely strong, according to sources. Some traders report that US buyers are looking for Turkish offers closer to the $28.00 cwt. ($560/nt or $617/mt) range, but with the “most aggressive” Turkish rebar mill “out of the mix” due to high countervailing duties, the chances of a significant drop in deal prices are slim unless outside market forces—such as scrap prices—intervene.

One market factor that is helping to keep current import offer prices stable is the swiftly dwindling supply of positions at US ports. Although rebar import tonnages have been on a downtrend trend since June, import permits have totaled only 1,513 mt for the first half of September—compared to 85,064 mt in August and 103,970 mt in July (census data). The severe drop in import arrivals is directly connected to the expectation of a Section 232 tariff announcement back in June and July, and while the results of that investigation have been delayed indefinitely, recent urgings by various sectors of the US steel industry might force the Trump administration to announce something sooner rather than later.


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