Although offer prices for import rebar from Turkey to the US have remained stable this week after a slight increase last week, sources tell SteelOrbis another uptrend is on the way, primarily due to US domestic market conditions. Earlier this week, US rebar mills announced another $1.25 cwt. ($25/nt or $28/mt) price increase, boosting spot prices by a total of $2.50 cwt. ($50/nt or $55/mt) during August alone. Turkish rebar mills have observed the lack of resistance to higher prices in the US market, and are reportedly planning to increase their offers to US traders accordingly.
For now, offers for imported rebar in the US domestic market from Turkey are still in the range of $27.25-$28.25 cwt. ($545-$565/nt or $601-$623/mt) DDP loaded truck in US Gulf ports. However, inquiry activity is still “robust,” and sources tell SteelOrbis that higher offers will most likely enter the import market by the end of this week.