For the most part, import offers for Turkish rebar in the US have stayed level this week after months of declines, but that’s not to say an uptrend is on the horizon. Traders tell SteelOrbis that Turkish mills have “drawn a line” at the current CFR offer level, although that line can be “tweaked” for the right buyer. However, many sources agree that anyone who was waiting to book Turkish rebar until prices hit bottom would be wise to do so now, although in the off chance prices do start to tick up in the near future, the increments will be minor. For now, offer prices in the US are stable at $21.75-$22.75 cwt. ($435-$455/nt or $480-$502/mt) DDP loaded truck in US Gulf ports.
Prices are also stable for now in the US domestic spot market, although sources report fewer transactions taking place at the bottom end of the $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill range. Inventory restocking is slowly gaining steam, but sources don’t foresee a noticeable increase in buying activity until closer to the end of this month, before May scrap prices are announced.