Although some in the US import rebar market thought offers might have found their bottom last week, the slow downward drift has continued, although downticks this week are not as steep as seen recently. Offers from Algeria are now in the range of $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) DDP loaded truck in US Gulf ports, reflecting a decrease of just $0.50 cwt. ($11/mt or $10/nt) week-on-week.
Offers from Mexico, meanwhile, are now heard in the range of $50.00-$51.00 cwt. ($1,102-$1,124/mt or $1,000-$1,020/nt) DDP Houston, compared to $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) DDP Houston last week. Sources tell SteelOrbis that interest in booking import material is still tepid, and if orders don’t start picking up, prices will only continue to dwindle downward.