US imported rebar prices softened Monday alongside lower Turkish export offers, sources said.
S&P Global Platts on Monday lowered its daily imported rebar assessment to $464-$474/st CIF Houston, down from $468-$478/st CIF.
Lower scrap settlements and modest demand throughout the Turkey's export markets have depressed offers from previous highs, market participants said.
Both Turkish mills and traders have reduced prices, a US-based trader said. A US-based distributor put current Turkish import pricing in the US at $505-$515/mt CFR Houston ($464-$474/st CIF), while offers for June arrival were around $520/mt CFR ($478/st CIF).
Demand for rebar throughout March has been slower than expected in the US, the distributor said.
"We haven't seen demand kick off, so we are anxiously awaiting to see it in April," he said.
US-based sources were keeping an eye on the scrap market as a signal to what may happen with both import and domestic pricing in the US. East Coast US scrap exporters have been looking to place tons in the US market to take advantage of stronger US scrap pricing as US bulk export pricing to Turkey, which peaked at $303/mt CFR following a sale March 7, had fallen to around $270/mt CFR HMS 80:20 basis last week.
