Although US domestic rebar mills as a whole have not issued a formal price increase following regional, mill-specific price increases announced last week, the lowest spot prices are trending up. Sources tell SteelOrbis that offers to large distributors are generally pushing closer to $39.50 cwt. ($790/nt or $871/mt) ex-mill, up $0.50 cwt. ($10/nt or $11/mt) week-on-week. For small to medium-sized customers, spot prices are stable at $41.50-$42.50 cwt. ($830-$850/nt or $915-$937/mt) ex-mill.
However, some sources report “ultra-quiet” deals for select large customers below the $39.50 cwt. level, in response to lingering import competition from Turkey. While most import sources have been priced out of the market, certain Turkish mills are reportedly making offers so low that “they aren’t making a penny in profit,” according to sources. Those Turkish mills are reportedly more interested in “running full,” which they can’t do without the US market, and are thus willing to sacrifice profits for market share, although there are high minimum tonnage requirements for such prices. As a result, US mills have had to offer incentives to steer certain larger customers away from imports.