Although demand for import rebar from Turkey is not marginally stronger this week in the US, sources tell SteelOrbis that higher scrap prices are resulting in higher rebar offers from Turkish mills. However, traders have not yet accepted higher price ideas, especially as they try to work through excess position inventory. Therefore, the sales price range for Turkish rebar remains unchanged at $16.25-$17.25 cwt. ($325-$340/nt or $357-$389/mt) DDP loaded truck in US Gulf ports, although sources say the lower end of the range might not be available as traders wait to see how long the attempted uptrend lasts.
As for the US domestic market, spot prices are still highly flexible, especially at the high end of the current $26.50-$28.00 cwt. ($510-$560/nt or $562-$617/mt) ex-mill range. Some sources predict that an official mill decrease could be on the horizon, but if that came to pass, it would only be for $1.00 cwt. ($20/nt or $22/mt) at most.