Offer prices for Turkish rebar in the US saw yet another increase this week, with new sales prices ranging from $23.25-$24.25 ($465-$485/nt or $513-$535/mt) DDP loaded truck in US Gulf ports, reflecting a $0.75 cwt. ($15/nt or $17/mt) jump from last week. Traders tell SteelOrbis that Turkish mills are pushing for even higher prices, which have not been accepted in the market, especially considering the latest predictions for scrap prices in May are looking more moderate than the past two months.
Another factor in the pushback against too-high prices is the prevalence of positions at the port. As of today, April import permits total 91,858 mt from Turkey alone, at price tags at least $1.00 cwt. ($20/nt or $22/mt) less than future arrival offers. Additionally, sources tell SteelOrbis that significant tonnages of Turkish rebar are expected to arrive in the US in late spring/early summer, with a decent portion classified as positions. As such, traders are reportedly trying to hold off from making huge buys now so they’ll be free to deal with that situation later.