US domestic rebar mills announced a $1.25 cwt. ($25/nt or $28/mt) price increase last week based on rising scrap prices, the same market factor behind uptrending import rebar offers to the US. As such, traders tell SteelOrbis that they’re seeing an uptick in inquiry activity because buyers are “starting to realize prices aren’t getting any lower.”
The stronger rise in US domestic rebar prices compared to import offers also means the margin between them has widened a bit, giving buyers “breathing room” to make strategic purchases. This week, offers for imported rebar in the US domestic market from Turkey are in the range of $29.00-$30.00 cwt. ($580-$600/nt or $639-$661/mt) DDP loaded truck in US Gulf ports, reflecting an increase of $0.50 cwt. ($10/nt or $11/mt) in the last week.
Meanwhile, new rebar import offers to the US from Guatemala have been heard recently, with prices approximately $1.00 cwt. ($20/nt or $22/mt) under Turkish rebar offers, although inquiry activity is muted for now due to the country’s recent emergence into the US import rebar market.