Although US import rebar prices have declined slightly week-on-week, sources tell SteelOrbis that interest in booking orders remains stagnant, as many buyers expect offers to drop even further and it’s still too soon to book material that would arrive in Q1 2020.
US import rebar offers from Spain are now at $30.00 cwt. ($661/mt or $600/nt) DDP loaded truck at US Gulf ports—or below, for large tonnage orders—reflecting a decrease of $0.50 cwt. ($11/mt or $10/nt) in the last week. Offers from Bulgaria and Portugal are also trending closer to the $30.00 cwt. threshold, with prices now at $30.50 cwt. ($672/mt or $610/nt) DDP loaded truck at US Gulf ports, a drop of $1.00 cwt. ($22/mt or $20/nt) in the last week.
US import rebar offers from Algeria and Mexico have dipped below that threshold this week, with rebar from both sources now trending around $29.50 cwt. ($650/mt or $590/nt) DDP loaded truck at US Gulf ports and delivered to Houston, respectively—both offers are down $0.50 cwt. week-on-week. Meanwhile, offers from Turkey have similarly declined by $0.50 cwt., now in the range of $30.00-$30.50 cwt. ($661-$672/mt or $600-$610/nt) DDP loaded truck at US Gulf ports.
Sources tell SteelOrbis that the slow downward drift in US import rebar offers is expected to continue, which could in turn spur US domestic rebar mills to offer more aggressive discounts in the near-term.