US import long steel prices began a creep higher this week following two weeks of mostly steady pricing amid rising fuel prices -the result of the ongoing situation in the Middle East- and amid recent price increases from Asian finished steel suppliers, namely Vietnam, market insiders told SteelOrbis this week.
At last report, the Strait of Hormuz remains shut to tanker operations since April 13, resulting in the loss of about 20-25 percent of the worlds access to crude oil supply. The resulting surge in global oil prices and higher insurance rates due to scattered attacks by Iran on shipping in the Persian Gulf has prompted carriers to raise spot freight rates by as much as 40 percent since late February. Many carriers have taken to re-routing ships through less risky, though more expensive freight routes, adding to fuel costs and transit lead times to avoid the risk of damage to valuable shipping assets.
US President Donald Trump was expected to discuss the ongoing war with Iran during his meeting with Chinese President Xi Jinping during his trip to Beijing May 14-15. It is hoped that Trump can convince Xi to pressure Iran to come to the negotiating table with a workable ceasefire agreement.
“Ocean freight rates keep going up,” remarked one US Midwest long steel importer, commenting on this week’s $0.50-1.00/cwt increase in import long steel prices. “The on-again, off-again situation with regard to the Iran conflict is making it difficult to maintain consistent pricing.” He continued, “In fact, even if the war were to stop today, there are many who think energy prices will remain elevated through the end of the year.”
On the US Gulf Coast, import rebar on a loaded truck basis rose $0.50/cwt., to on average $46.00-47.00/cwt., ($920-940/nt or $1,014-1,036/mt), up from $45.50-46.50/cwt., ($910-930/nt or $1,003-1,025/mt) one week earlier. US East Coast import rebar pricing on a loaded truck basis also rose an equivalent amount, finishing the week at $46.50-47.50/cwt., ($930-950/nt or $1,025-1,047/mt), up from $46.00-47.00/cwt., ($920-940/nt or $1,014-1,036/mt) a week ago.
Insiders told SteelOrbis freight rates from key Far East ports to the US West Coast and US East Coast have increased 22 percent and 19 percent, respectively as of late April. Rates from key long steel suppliers such as Vietnam to the US West Coast have spiked by 30 percent over the same period, they said.
Insiders also told SteelOrbis that Vietnamese long steel suppliers recently have increased their export rebar prices in reaction to reports of solid domestic demand for product.
In the import wire rod market, insiders said suppliers are likely to seek higher pricing soon as available import supply remains scant with shipping and supply routes disrupted. Import wire rod mesh on a DDP loaded truck basis US Gulf Coast is discussed steady this week at $47.00-49.00/cwt., ($940-980/nt or $1,036-1,080/mt).
Higher weekly spot prices were also noted for CFR wire rod deliveries (not inclusive of 50% steel tariffs) due to rising freight and energy costs, insiders said. Spot wire rod mesh on a “free out” basis US Gulf was discussed at $690-700/mt, up from $670-680/mt one week ago, while rebar was noted stable on the week at $640-650/mt, market insiders said.
On the steel import side, most recent import permit data from the American Iron and Steel Institute (AISI) finds that total import permits for April totaled 1,945,000 net tons (nt). This was an 8.1 percent increase from the 1,799,000 permit tons recorded in March and a 10 percent rise from the March final imports total of 1,769,000 nt. Import permit tonnage for finished steel in April was 1,417,000, up 8.5 percent from the final imports total of 1,306,000 in March. For the first four months of 2026 (including April SIMA permits and March final imports), total and finished steel imports were 7,044,000 nt and 5,157,000 nt, down 28.8 percent and 30 percent, respectively, from the same period in 2025.
AISI said the estimated finished steel import market share in April was 17 percent and is 15 percent year-to-date. March market share rose 6.6 percent versus February, AISI said.
