Although traders resisted higher import rebar offers as recent as last week, a growing consensus that “prices aren’t coming down” has allowed prices to rise this week. The top end of last week’s rebar offer range from Turkey is now “the norm,” with some higher prices heard, although those are considered outliers for now.
Still, according to conversations with rebar insiders at SteelOrbis’ 9th Annual Rebar & Wire Rod Conference on Monday, the looming threat of the Section 232 investigation is still putting a damper on order activity. Tariffs and other possible trade actions could be announced any time within the next 90 days, and some importers are hesitant to book large tonnage orders on the chance tariffs will go into effect before the material is shipped. But others are hesitant to book large, “pre-tariff” orders on the chance minimal trade action is taken—if the “worst case scenarios” don’t pan out, sources say traders don’t want to be caught with abundant inventory at high prices.
For now, most offers for imported rebar in the US domestic market from Turkey are being heard at $31.50 cwt. ($630/nt or $694/mt) DDP loaded truck in US Gulf ports.