US import CRC from Russia, Turkey, Vietnam and Taiwan "significantly lower" than domestic offers

Tuesday, 05 October 2021 21:41:22 (GMT+3)   |   San Diego

SteelOrbis has  learned that traders are offering US import CRC from Russia, Turkey, Vietnam and Taiwan in the range of $80-$85 cwt. ($1,764-$1,874/mt or $1,600-$1,700/nt), DDP loaded truck in US Gulf coast ports. Current offers are coming in roughly $10 cwt. ($111/mt or $110/nt) below offers heard in late-August.

In contrast, US domestic CRC spot market tons are being offered to US buyers at much higher price points, in an average range of $106.00-$109.00 cwt. ($2,337-$2,403/mt or $2,120-$2,180/nt) FOB mill.

What's notable is that import offer prices remain significantly below domestic mill offers, even with the Section 232 tariff included.  Also notable is that the Biden administration last weekend held a meeting with the new US-EU Trade and Technology Council. The group has said they hope to reach an agreement on steel, aluminum and other tariffs by the end of the year. Should the 25% tariff be removed,  it's largely expected that offshore steel purchases will surge, which in turn will put enormous downward pressure on US prices.

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