Continuing last week’s trend, import rebar offers to the US from Turkey fell again this week, both on the CFR offer side and sales prices in the US. Traders tell SteelOrbis that Turkish rebar offers are now in the range of $16.25-$17.25 cwt. ($325-$340/nt or $357-$389/mt) DDP loaded truck in US Gulf ports, reflecting a decrease of just $0.25 cwt. ($5/nt or $5.50/mt). More minor slips are expected in the near term, although sources say demand for future orders is still being tempered by position offerings at the ports.
As for the domestic market, sources tell SteelOrbis that while mills have no plans to increase or decrease rebar prices on an official basis, the high end of the previous price range is no longer available. The low end of the spot range is still around $26.50 cwt. ($510/nt or $562/mt) ex-mill, but the high end has dropped by $0.50 cwt. ($10/nt or $11/mt) down to $28.50 cwt. ($570/nt or $628/mt) ex-mill. More erosion of the high end of the range is expected if scrap prices continue to trend weak, according to sources.