Rising scrap prices in Turkey combined with increased demand for rebar in the domestic Turkish market has resulted in higher rebar export offers over the course of the last week, but sources tell SteelOrbis that higher offers are “falling flat” in the US import market. Traders are reporting CFR quotes from Turkish mills at $20/mt higher this week—translated into sales prices, that would put imported rebar in the US domestic market from Turkey in the range of $24.00-$25.00 cwt. ($480-$500/nt or $529-$551/mt) DDP loaded truck in US Gulf ports.
However, US buyers are largely rejecting the higher offers, partly because some of the price increase is attributed to Turkish mills adding projected dumping margins to their offer prices. Although the US Department of Commerce is expected to announce preliminary margins in the rebar AD/CVD case against Turkey, Taiwan and Japan later this month, sources say US buyers would rather wait to see the actual announcement results than book at prices that could be unnecessarily inflated.