On the heels of a continued uptrend in global scrap prices, US import rebar offers have increased again week-on-week. Offers from Turkey are now in the range of $36.00-$38.00 cwt. ($794-$838/mt or $720-$760/nt) DDP loaded truck in US Gulf ports, up $1.00 cwt. ($22/mt or $20/nt) from last week. Meanwhile, offers from Mexico are now at $35.50-$36.50 cwt. ($783-$805/mt or $710-$730/nt) DDP Houston, up $0.50 cwt. ($11/mt or $10/nt) from last week.
Sources tell SteelOrbis that despite higher import prices, the margin between US import and domestic rebar offers is still wide enough to attract import buyers. Since US long product prices didn’t surge up wildly like other steel products in the past six months, any downtrend in prices is expected to be gradual and not a plunge, which sources say makes importing product that won’t arrive for a few months a “relatively safe bet.”