Buyers within the US import rebar market are continuing to wait for prices to hit bottom, and though offer prices from various sources declined again week-on-week, sources say the downtrend is not yet over.
This week, US import offers from Algeria are at $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) DDP loaded truck in US Gulf ports, down $2.00 cwt. ($44/mt or $40/nt) in the last week. Offers from Mexico, meanwhile, declined by $1.50 cwt. ($33/mt or $30/nt) week-on-week into the range of $53.00-$54.00 cwt. ($1,168-$1,191/mt or $1,060-$1,080/nt) DDP Houston.
Additionally, lower offers have been heard from Turkey, and indications that the Turkish scrap market might be on the verge of stabilizing has led sources to speculate that US import rebar offers from Turkey could be the lowest they’re going to get for now. Though firm offers are difficult to pin down, sources tell SteelOrbis that Turkish rebar is being offered to the US as low as $48.00 cwt. ($1,058/mt or $960/nt) DDP loaded truck in US Gulf ports.