While there has not been a major decrease in US import rebar offers over the last week, sources tell SteelOrbis that prices are likely nearing the bottom. And despite the uptrend seen in offers from Turkey specifically, the overall trend for US import rebar prices is still pointing downward.
Offers from Turkey inched up by $0.50 cwt. ($11/mt or $10/nt) week-on-week, into the range of $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt) DDP loaded truck in US Gulf ports, but sources say that is because offers dropped so drastically in the last couple weeks and buyers took advantage and booked orders. The rise in demand resulted in a rise in Turkish rebar prices, but sources do not expect those offers to rise much more.
Offers from Algeria, meanwhile, are stable since last week in the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) DDP loaded truck in US Gulf ports, while offers from Mexico are also unchanged at $50.00-$51.00 cwt. ($1,102-$1,124/mt or $1,000-$1,020/nt) DDP Houston. However, sources say Mexican mills are willing to negotiate below that range, with at least one offer heard at $49.00 cwt. ($1,080/mt or $980/nt) DDP Houston.