While the US import rebar market was reacting with resistance to higher import offers from Turkey last week, the $1.00 cwt ($20/nt or $22/mt) price increase announcement by US domestic rebar mills late last week has changed the landscape, according to sources.
Traders tell SteelOrbis that customers are more willing to accept higher offer prices, and as such, imported rebar in the US domestic market from Turkey is now being sold in the range of $20.00-$21.00 cwt. ($400-$420/nt or $440-$462/mt) DDP loaded truck in US Gulf ports. This reflects an increase of $0.75 cwt. ($15/nt or $17/mt) from last week.
With fewer positions available at the port due to a months-long decline in US import rebar tonnages (the peak for the year was 264,156 mt, in July compared to 119,505 mt in October, according to the latest import license data), sources tell SteelOrbis that inquiry activity should increase gradually—at least until preliminary margins in the trade case against Turkey, Japan and Taiwan are announced this month.