Raw material prices in Turkey are continuing to bolster an upward trend in US rebar import prices, narrowing offers within the current price range as traders continue to seek clarity on the market. As such, offers for imported rebar in the US domestic market from Turkey are now in the range of $29.00-$29.50 cwt. ($580-$590/nt or $639-$650/mt) DDP loaded truck in US Gulf ports, reflecting an increase of $0.50 cwt. ($10/nt or $11/mt) on the low end of the range since last week.
As for import arrivals, the list of sources for US rebar imports continues to narrow, with the majority of import permits coming from Turkey (57,356 mt) and Peru (14,734 mt) this month as of Oct. 17. Mexico, which used to be a major source of US rebar imports before virtually disappearing from the market after receiving steep AD/CVD margins in 2014. This past June, the US DOC revised the duties from 20.58 percent to 0.00 percent for Grupo Simec, and from 66.7 percent to 0.56 percent from Deacero. Since then, Mexican rebar mills are reportedly trying to regain their foothold in the US market, and so far this month, rebar import permits from Mexico have reached 2,569 mt, indicating month-end totals might surpass the September import permit total of 4,033 mt.