Although US rebar mills were expected to slide one last price increase into the very end of 2013, nothing new has been heard as of yet. Sources tell SteelOrbis that mills are waiting to see how the scrap trend shakes out, as the Polar Vortex storms have made tightened scrap supply in the last week. Even though mills have officially “divorced” their price policies from the monthly scrap trend, they will still reportedly take advantage of a scrap increase if it’s steep enough. Therefore, many expect a price increase in the ballpark of $1.00 cwt. ($20/nt or $22/mt) price increase within the next week or so. Until then, the general spot range remains at $33.50-$34.50 cwt. ($670-$690/nt or $739-$760/mt) ex-mill.
As for imports, with Turkey and Mexico virtually out of the picture, other import sources that had previously just “dipped their toes” in the US market are implementing a more formal stance to indicate they will be reliable alternatives. Offers from Portugal are still around the level of $32.00 cwt. ($640/nt or $705/mt) DDP loaded truck in US Gulf ports, whereas West Coast buyers can choose between a similar offer from Taiwan or a slightly-higher $32.50 cwt. ($650/nt or $716/mt) DDP loaded truck in US West Coast ports from Korea.