Based on a few recent deals between Turkish rebar producers and US buyers, the price trend in the US import rebar market has shifted downward since last week. Offers for imported rebar in the US domestic market from Turkey are now at a minimum of $38.00 cwt. ($760/nt or $838/mt) DDP loaded truck at US Gulf ports, reflecting a decrease of $1.50 cwt. ($30/nt or $33/mt) week-on-week.
With most other sources of import rebar are priced out of the market due to Section 232 tariffs, sources say Turkish rebar bookings are “bound to surge,” especially considering the situation in the US domestic rebar market. Last week, US Department of Commerce Secretary Wilbur Ross announced an investigation into the spike in US domestic steel prices since the Section 232 tariffs were announced. Further US rebar price increases are not expected to continue, and in the near-term, spot prices are expected to remain at their current levels, which are anywhere from $1.00-$4.50 cwt. ($20-$90/nt or $22-$99/mt) above current Turkish rebar import prices, depending on tonnage size.