After a substantial increase in import rebar offers to the US late last week, sources tell SteelOrbis that Turkish mills are “drawing a line in the sand” and not accepting any quotes lower than the midrange CFR offers quoted last week. This means that traders’ attempt to cautiously raise offer prices within the US—waiting to see if the sharp uptrend would stick—is no longer viable.
As such, imported rebar in the US domestic market from Turkey is now being sold in the range of $21.50-$22.50 cwt. ($430-$450/nt or $474-$496/mt) DDP loaded truck in US Gulf ports, reflecting an increase of $1.50 cwt. ($30/nt or $33/mt) since our last report a week ago. Sources tell SteelOrbis that import rebar offers still have room to rise, although many expect the trend will only last in the short- to mid-term and prices will level out before the end of the year.