Sources are hesitant to call this week’s neutral trend in the import rebar market a “bottom,” as many thought the same two weeks ago but prices ended up falling again. However, reports of slightly increased booking activity might bolster the price-bottom argument. Traders tell SteelOrbis that certain Turkish mills are holding onto their pricing this week, with offers still hovering within the wide range of $20.50-$22.50 cwt. ($410-$450/nt or $452-$496/mt) DDP loaded truck in US Gulf ports.
But continued upticks in activity might not translate into higher import offers if the US domestic rebar trend is taken into account—late Friday, Nucor dropped prices for 20-foot rebar by $1.00 cwt. ($20/nt or $22/mt), blaming low-priced imports for the move. Attractive domestic offers—along with shorter lead times and smaller tonnage requirements—could be enough to keep import offers from rising in the short term, at least until the July scrap price trend becomes clear.