US import rebar and wire rod pricing was mixed this week in limited trade with markets reported to be quiet ahead of the fast-approaching US Christmas and New Years holidays. Insiders said growing uncertainty about new steel tariffs in early 2025 also continues to limit new trading commitments.
“Before the end of 2024, nobody wants to make too many decisions about steel, especially with the uncertainty concerning whether Trump will bring on additional tariffs on Canada and Mexico in the new year,” one long steel import insider remarked to SteelOrbis. “We expect pricing to be fairly flat through the end of the year, with the likelihood that we’ll see higher prices toward the end of January and into February once we know more about what Trump will do with tariffs.”
The incoming US president has proposed 25 percent tariffs on Mexico and Canada if they fail to take concrete steps to control the flow of illegal drugs and immigrants across the US border. Additional 10 percent tariffs are proposed on China over concerns over fentanyl. Some market insiders fear the costs to US industry may be high enough that they will become economically and politically unsustainable, even more so if Mexico retaliates, as has been threatened by Mexican President Claudia Sheinbaum.
On the import rebar front, pricing was mixed with marginal price increases reported on sales from Egypt at $36.50/cwt. ($730/nt or $805/mt), up from reported stable markets a week earlier on a delivered to customer basis at $35.75/cwt. ($715/nt or $788/mt). Insiders said they expect import pricing from Egypt to remain in the $36.60-37.00/cwt., range through year end, with additional near-term cargoes from Malaysia and Vietnam expected to keep prices in check.
On the US Gulf Coast, imported rebar is priced $35.75-36.75 cwt. ($715-735/nt or $788-810/mt) on a loaded truck basis, up about $0.25/cwt., or $5/nt from a week earlier on slightly improved sales, insiders said. Conversely, pricing slipped about $0.50/cwt., or $10/nt for East Coast loaded truck basis rebar to $35.75-36.75/cwt. ($715-735/nt or $788-810/mt), off from $36.25-37.25 cwt. ($725-745/nt or $799-821/mt), one week ago.
“There’s still not that many imports managing to get in,” commented one import rebar insider. “With domestic rebar priced at $36.50/cwt., this week, there’s little room left for imports to compete, so some pricing had to move a bit lower to fit.”
In the Mexican export markets, insider say pricing remains “not in the ballpark,” as many buyers remain hesitant to engage with sellers as a result of tariff uncertainty in the new year. “There’s quite a bit of concern over import policy with Trump heading into the new year. Pricing has moved lower because people are unsure what’s going to happen,” said one rebar insider.
Mexican rebar vicinity Houston on a loaded truck basis is discussed at $35.75-36.75/cwt. ($715-735/nt or $788-810/mt), off from $35.75-37.75/cwt. ($715-755/nt or $788-832/mt) reported one week ago.
On the import wire rod mesh front, import material on a DDP loaded truck basis USG is discussed flat at $37.00/cwt. ($740/nt or $816/mt), following earlier weekly price strength as US markets moved higher amid uncertainty regarding the anticipated restart of the Liberty Steel wire rod plant in March 2025.
“People are out of the market and not buying much,” remarked one US Gulf Coast importer. “The first quarter is coming soon, and imports still remain weak, despite the Liberty outage.”