Although many in the US import rebar market expected offers to rise this week, varying market factors have kept offer prices mostly stable. Scrap prices, for instant, are on the rise in the US domestic market, but sources report instances of resistance to higher scrap prices in certain international markets. As such, offshore rebar mills are hesitating to raise import offer prices to the US until the scrap situation is clear.
However, the strong upward trend in US domestic rebar prices would support higher import rebar prices, and traders are reportedly “throwing out some interesting prices to see what sticks” in anticipation of an upward trend. For now, offers for imported rebar in the US domestic market from Turkey are stable in the range of $29.00-$30.00 cwt. ($580-$600/nt or $639-$661/mt) DDP loaded truck in US Gulf ports, although sources say offers at the low end “aren’t really being discussed anymore.”