Higher global scrap prices and slowly recovering demand in the US rebar market are pointing toward an uptrend in US import rebar prices, but so far offers have remained steady week-on-week.
Once source said that while many economic indicators are looking up, there is still an undercurrent of caution in the market. “Lots of businesses are reopening, construction firms are re-hiring, but then you look at how everyone seems to have abandoned coronavirus protections and you have to wonder if a second wave of shutdowns is around the corner.”
US import rebar offers from Turkey are still ranging from $27.50-$28.50 cwt. ($606-$628/mt or $550-$570/nt) DDP loaded truck at US Gulf ports from Turkey, although sources tell SteelOrbis that importers are starting to push for higher transaction prices to match rising Turkish FOB offers.
As for offers from Mexico, prices are also stable at $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) DDP Houston, with a few outlier deals reported for significant volume.