The price of Turkish rebar steel in the US has edged lower since the start of 2016, with buyers backing away from booking forward orders, sources said Thursday.
"The market is extremely quiet," one East Coast-based trader said Thursday. "I'm trying to sell for March and April and I'm not getting anyone calling me back."
On Tuesday, Platts lowered its Turkish export rebar price assessment to $324/mt FOB.
Turkey remains the price leader in the US Gulf. Platts on Thursday lowered its daily US imported rebar price assessment to $311-$318/st CIF Houston from $316-$321/st.
One market source said he's seen Turkish import offers as low as $335/mt beginning to surface in the Southeast this week.
"I think a lot of people are scared prices are going to continue to drop, but I don't think there's much more room to go down," he said.
Given how low prices are, another trader said he expects rebar prices out of Turkey to remain relatively stable in the near term.
"You may see prices come down a bit more, but I don't think you will see a drastic change," he said.
One Southeast buyer said lower Turkish prices have led to more aggressive pricing from US mills, but the prices are still not as low as import prices.
"To be honest, I can't fathom how Turkish mills could be making money," he said.
Contact: Baosen Steel
Add: No. 61 Haier Road Qingdao China1