Now that Donald Trump’s Aug. 10 tweet announcing steel tariffs on Turkish imports to the US would double to 50 percent has been supported by a statement from the US Department of Commerce, sources say Turkish rebar offers have “vanished” from the market. Previously, the highest-heard offers for future rebar arrivals from Turkey were approximately $39.00 cwt. ($860/mt or $780/nt) DDP loaded truck at US Gulf ports. With an additional 25 percent tacked on, offers are now nearly $10 cwt. ($220/mt or $200/nt) higher, pushing them far beyond other import offers and even US domestic spot prices.
In Turkey’s absence, sources tell SteelOrbis that other offshore sources of import rebar could see more inquiry activity, especially if US domestic rebar mills decide to raise prices in late Q3 as many predict. Other top sources include Italy, which accounts for over 60,000 mt in rebar import permits for July; Spain, which accounts for over 30,000 mt in import permits for the same month; and Portugal, which accounts for over 12,000 mt of rebar imports in July. Ongoing trade negotiations between the US and the EU could lead to much lower offer prices and higher import volumes from those countries if exemptions from Section 232 tariffs are granted.