US import rebar and wire rod prices were steady this week following earlier reported price increases, even as weekly domestic markets remained stable and imports continue reduced as a result of ongoing steel import tariffs, market insiders told SteelOrbis.
“Record low imports as a result of tariffs and steady domestic pricing may lead to continued market tightness into early fall,” remarked one US Gulf Coast rebar importer. “We don’t expect at this point to see any additional price increases coming from US mills, especially since scrap markets settled sideways again for a third month,” said a second Gulf Coast long steel importer.
Market insiders say the combination of current 50 percent import tariffs and the expected outcome of recent anti-dumping investigations conducted by the US Department of Commerce (DOC) continue to limit the amount of firm offers received from overseas suppliers.
“Nobody on the import side can sell rebar at less than $41.00/cwt., right now” insiders say. “I think we need to see more domestic price increases, for imports to be able to do anything at all.”
Most recently, on August 12, a preliminary dumping margin of 18.87 percent was assigned for Colakoglu Metalurji A.S and Colakoglu Dis Ticaret A.S. of Turkey, with the DOC finding they sold rebar at less than fair value during the period of July 1, 2023 through June 30, 2024. The final results of the investigation are expected within 120 days. The previous AD rate for the company stood at 1.13 percent, while the minimal rates for other Turkish mills were at 1.02 to 3.9 percent and up to 25.83 percent as highest.
On the US Gulf Coast, import rebar on a loaded truck basis is discussed unchanged at $41.00-43.00/cwt., ($820-860/nt or $904-948/mt), while East Coast import rebar is heard steady at $42.00-45.00/cwt., ($840-900/nt or $26-992/mt), on continued reports that suppliers continue to run out of some sizes of rebar product as imports wane and domestic mills struggle to fill the growing supply gap.
“We’re seeing July import licenses for rebar hit record lows of 34,051 tons,” the importer said. “That’s down 73 percent month on month and down 57 percent year on year.” He added that Egypt and Vietnam shipped zero rebar during the month of July due to ongoing AD/CVD cases brought before the US DOC.
Insiders tell SteelOrbis continued low imports and extended domestic lead times averaging 3-4 weeks for some long products could increase the risk of short-term shortages, while price floors are starting to form as a result of increased discipline [not continuing to raise prices] from both US and Mexican mills.
In the Mexican rebar markets, recent price increases driven by local supply reductions from ArcelorMittal’s long steel plant outage are expected to continue to contribute to price strength. While current 50 percent tariffs on Mexican steel make additional imports to the US unlikely, pre-tariff loaded truck supply basis Houston is discussed steady at $40-43/cwt., ($800-460/nt or $881-948/mt).
In the import wire rod markets, domestic suppliers continue to garner most new sales with import prices on a DDP loaded truck basis USG steady for a third week at $42.00-43.00/cwt., ($840-860/nt or $926-948/mt), against stable ex-mill delivered domestic Midwest supply pricing reports at $46.50-$47.50/cwt., ($930-950/nt or $1,025-1,047/mt).
