US import rebar and wire rod pricing declined slightly this week amid continuing low domestic demand, a reported increase in import activity, and a lower outlook for US scrap pricing for May, market insiders told SteelOrbis.
Insiders said with domestic long steel prices remaining fairly static, pressure from imports was starting to rise.
“A lot of imports are starting to come in; we’re seeing some serious tonnages coming into the US from Egypt,” said one import long steel insider. “Some people are a little worried about what’s going to happen to prices going forward.” He continued, “If scrap pricing is down another $40/gt for May, that’s another negative thing in the marketplace and it’s not going to be good for imported long steel prices going forward.”
Imported rebar on a loaded truck basis at the US Gulf Coast and US East Coast declined about $0.50/cwt., to $36.00-38.00/cwt. ($720-760/nt or $794-838/mt), off from $36.50-38.50 cwt. ($730-770/nt or $805-849/mt), or on average $37.50/cwt., one week ago. May import shipments from Egypt, Algeria and Vietnam for June-July delivery into the US Gulf Coast are discussed lower at $36.00-37.00/cwt. ($720-740/nt or $794-816/mt), off from $38.00-39.00/cwt. ($760-780/nt or $838-860/mt) one week earlier.
In the Mexican long steel export market, trading remains quiet and flat as 25 percent tariffs continue to limit available trade opportunities. Import rebar on a loaded truck basis vicinity Houston, Texas, from available US stock is reported flat at $36.75-38.75/cwt. ($735-775/nt or $810-854/mt), versus earlier trades two weeks earlier at $37.00-39.00/cwt. ($740-780/nt or $816-860/mt), market insiders told SteelOrbis.
As Section 232 steel tariffs of 25 percent are now in effect, import shipments on rebar from North Africa, Malaysia, and Vietnam are likely to rise as buyers adjust their supply chains to make up the supply shortfall from previous sales originating out of Bulgaria and the Ukraine. Those steel deliveries were previously exempt from import tariffs.
In other import rebar markets, pricing for import rebar on a CFR, free-out basis at the US Gulf Coast was discussed on average flat at $615-635/nt, off from $620-640/nt two weeks earlier.
The price of imported wire rod mesh on a DDP loaded truck basis dipped this week with sales noted at $37.00-38.00/cwt. ($740-760/nt or $794-816/mt), versus week-earlier trades noted in the $37.50-39.50/cwt. ($750-790/nt or $827-871/mt), market insiders told SteelOrbis.