More delays in the announcement of the Section 232 investigation results has left the US import wire rod market at a standstill, with both traders and US wire rod buyers hesitant to book any orders until the market direction is clear. However, while previous expectations pointed to a strong possibility of high steel import tariffs at the conclusion of the investigation, push-back from import source countries and non-steel-related US industries worried about retaliatory trade measures has led to predictions of softer tariffs or minimal quotas that would “send a message” to foreign steel producers without instigating a “trade war.”
Until the results are announced, there is virtually zero import activity taking place. The last heard Turkish offers of imported wire rod in the US domestic market remain at $23.50-$24.50 cwt. ($470-$490/nt or $517-$540/mt) DDP loaded truck in US Gulf ports.