With scrap prices in the US and abroad rising this month, sources tell SteelOrbis there is pressure in the US import rebar market to push prices upward. However, considering how slim the margin is between US domestic and import rebar offers, traders are wary of narrowing it further, even though indications point toward an end-of-the-year price increase in the US domestic rebar market.
Import rebar offers on the CFR level are mostly stable as of the beginning of this week, allowing traders to keep offers to their customers stable as well. Offers for imported rebar in the US domestic market from Turkey are still trending at $28.50-$29.50 cwt. ($570-$590/nt or $628-$650/mt) DDP loaded truck in US Gulf ports, but sources say that could change “within days” once scrap prices start to influence the rebar market.