While global scrap trends are putting pressure on US import rebar offer prices, sources tell SteelOrbis that they don’t expect “substantial changes” in the near-term despite a slight drop in rebar import offers in the last week. At the most, sources say, import rebar buyers might be able to cut deals slightly below the average price level if the tonnage level is attractive.
This week, most offers for imported rebar in the US domestic market from Turkey are being heard around the level of $31.00 cwt. ($620/nt or $683/mt) DDP loaded truck in US Gulf ports, reflecting a decrease of $0.50 cwt. ($10/nt or $11/mt) in the last week.
Looking ahead, sources appear to be more concerned about the effect of scrap prices on US domestic rebar than import rebar prices. With US domestic scrap prices moving sideways this month, sources say US rebar mills might be more willing to cut deals, which would chip away at the ample gap between US domestic rebar spot prices and import rebar offers.