Turkish rebar prices to the US have edged up this week on the continued strength of Turkey's domestic and imported billet and scrap prices, market participants said.
"Numbers seem to definitely be up overseas this week," one Southeast distributor said Thursday, adding he heard offers as high as $350/mt CFR ($321/st CIF) to the Gulf and $360/mt CFR ($330/st CIF) to the Northeast by way of two producers, but had not heard any deals closing at that price level.
Platts raised its daily US imported rebar prices assessment to $308-$317/st CIF Houston on Thursday, up from $303-$310/st CIF Houston.
Domestic rebar prices in Turkey have been on an upward trend since mid-February on higher import prices for billet and scrap.
In the past week alone Kardemir and Icdas, two of the country's major rebar makers, have issued numerous price hikes, but one trader said it's still unclear if higher pricing will hold firm in the US.
While lower import offers dragged down domestic pricing in the US Southeast during February, a second distributor said if Turkey's higher import prices stick it may give mills enough upward momentum to raise prices, but for now pricing has remained stable.
Platts maintained its Southeast rebar price assessment at $455-$470/st ex-works on Thursday.
