US domestic CRC prices have remained stable week-over-week, at $49-$51 cwt. ($1080-$1124/mt or $980-$1020/nt), ex-mill, but opinions regarding current price stability are mixed.
Although some market sources have indicated a belief that prices may have peaked, others believe that there could still be room for additional firming—especially if the Trump administration implements additional import quotas.
The final decision regarding the Section 232 exemptions list is expected to come on May 1, and it’s speculated that countries who wish to obtain a tariff exemption will be subject to quotas, similar to the one that has been levied against South Korea.
“There’s a lot that’s still up in the air,” a source said. “We’re all hoping to have a bit more clarity on May 1.”
Another wildcard relates to the EU’s request that the World Trade Organization take a closer look at the Section 232 tariffs; the EU has argued that the action was specifically carried out as a means of protecting the US domestic steel industry, despite being sold as a necessary measure to “protect national security.”