US import rebar prices continue to trend down

Although import rebar prices from Turkey are still lower than they've been all year, the price bottom doesn't seem to be in sight. Traders tell SteelOrbis that offers are still dropping "little by little" including this week--Turkish rebar is now being offered for $21.00-$22.00 cwt. ($463-$485/mt or $420-$440/nt) DDP loaded truck in US Gulf ports, about $0.25 cwt. ($5/nt or $5.50/mt) less than last week. However, customers are not exactly clamoring for orders, as they are well aware of the continuous downtrend. Also, order activity is generally slower this time of year.

As for the US domestic market, rumors of a price decrease in the horizon are continuing to swirl, with most sources still expecting a drop of around $1.00 cwt. ($20/nt or $22/mt) sometime in August. However, because any amount won't come anywhere close to import prices, some sources are wondering "what's the point?" Orders for the current spot range of $31.50-$32.50 cwt. ($630-$650/nt or $694-$717/mt) ex-mill are steady enough considering the season, so a drop in prices isn't expected to spur a flurry of purchasing activity.