As import rebar offers continue to tick upward, buyers are still holding off on making major orders even though many said previously they would book once it appeared the price bottom had been reached. The lack of interest is mainly attributed to buyers being able to get what they need from domestic mills, and also the relatively flat trend in US domestic rebar prices.
Sources tell SteelOrbis that import interest should pick up “substantially” in the spring, but for now, import offers—which are rising more from global factors than US demand—are not that attractive. This week, offers from Algeria are up $0.50 cwt. ($11/mt or $10/nt) week-on-week to $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) DDP loaded truck in US Gulf ports. Offers from Mexico are also up $0.50 cwt. to $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) DDP Houston. Meanwhile, offers from Turkey are still at $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) DDP loaded truck in US Gulf ports.