A week ago, import rebar offers to the US from Turkey started to move upward, but resistance to higher prices resulted in lower offers by the end of the week. However, sources tell SteelOrbis that prices are once again moving upward after two Turkish mills asked for an extension in preliminary results for the current rebar AD/CVD case against Turkey, Japan and Taiwan. While sources say they would be surprised if the mills were denied the request, it has reportedly caused a shift in market sentiment.
However, US-based traders say that the push for higher prices is likely temporary, and buyers are currently standing on the sidelines, waiting for a clearer view of the market before they book. As such, some traders are becoming flexible with their offer prices for Turkish rebar, and imported rebar in the US domestic market from Turkey is now in the range of $23.50-$24.50 cwt. ($470-$490/nt or $518-$540/mt) DDP loaded truck in US Gulf ports, reflecting a decrease of $1.00 cwt. ($20/nt or $22/mt) since prices reported early last week.