September Rebar Outlook / Trade Case News
The final determinations were issued on the trade cases against Turkey and Mexico this afternoon. The result of these determinations closely mirrored the preliminary rulings. Mexico was assessed duties ranging from 20.58% to 66.70% while Turkey was assessed a minimal duty of 0% – 1.25%. The likely result is that Mexico will continue to be unable to sell its product in the US while Turkey was able to “dodge the bullet” and will likely remain a major exporter to the states.
There may be short-term holes in import inventories as a result of the recent absence of new offers pending this announcement. New offering will begin this week only for 4th quarter arrivals. Domestics will likely still try to seek some sort of a smaller bump on the back of a very strong order book further proving the import and domestic markets seem to be operating independently recently.