US import rebar offers are down again week-on-week, but sources say the downticks aren’t as much as they would be without the ongoing energy situation in Europe. Global scrap prices are still down, but high energy costs are keeping offer prices in check—high energy costs are also resulting in mills curbing production.
As such, offers from Algeria are now in the range of $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt) DDP loaded truck in US Gulf ports, down $0.50 cwt. ($11/mt or $10/nt) in the last week. Offers from Turkey are reportedly just below Algerian offers.
As for Mexico, which isn’t facing the same high energy costs as European producers, US import rebar offers are down $1.00 cwt. ($22/mt or $20/nt) week-on-week, now ranging from $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) DDP Houston.