Falling import offers have dragged down domestic rebar prices in the US Southeast as mills look to combat low-price alternatives, according to market sources.
Platts lowered its US Southeast rebar price assessment to $455-$470/st ex-works on Friday, down from $470-$490/st.
"I think a lot of us were hoping we were already at the bottom, unfortunately things don?t seem that way," said one distributor.
One Southern fabricator said domestic pricing has been "inching down with each arrival of the next ship."
Platts last week lowered its US imported rebar price assessment to $303-$310/st CIF Houston, with some sources speculating prices could drop as low as $320/mt CFR Houston ($294 CIF Houston) in the coming weeks, but no such deals have surfaced.
"Most would agree that we are coming close to scraping the bottom with the import pricing," a second distributor said. "We will see."
One US trader said no Turkish numbers are at $320/mt.
"Mills can't accept those prices because scrap and billet prices have remained flat for the last three weeks easily," he said.
In addition to low-price imports, a drop in demand for fabricated rebar is putting additional pressure on domestic mills to lower prices, according to a Southeast fabricator.
"Things seem to be slowing significantly and prices are coming down hard," the Southern fabricator agreed. "Fewer jobs are bidding, fewer jobs are being awarded, and the start of contracted jobs are being delayed."
