US import rebar market “minimally affected” by latest tariff news

Tuesday, 15 October 2019 23:03:43 (GMT+3)   |   San Diego
       

US import rebar offers and demand have followed a steady trend in the last week, and sources say the market will be “minimally affected” by the announcement yesterday that Section 232 tariffs against Turkish steel will once again rise to 50 percent. The increase is a punitive measure against Turkey’s recent military activities in Syria, and it is unclear whether the new tariff level has officially taken effect—the US Department of Commerce did not respond to SteelOrbis’ request for comment, however trader sources say they are backing away from inquiries to Turkey for the moment regardless.

Turkey has not been a major supplier of US rebar imports since the first time Section 232 tariffs against the country were raised to 50 percent (in August 2018, followed by a reduction back to 25 percent in March 2019). As such, the impact of the tariff increase will be a “non-event,” according to sources, and US import rebar prices are expected to continue dwindling downward.

This week, US import rebar offers have maintained stability, with offers from Spain, Bulgaria and Portugal still ranging from $29.50-$30.00 cwt. ($650-$661/mt or $590-$600/nt) DDP loaded truck at US Gulf ports, and offers from Algeria and Mexico trending closer to $29.50 cwt. ($650/mt or $590/nt) DDP loaded truck at US Gulf ports and delivered to Houston, respectively. Offers from Turkey were reported last week at $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) DDP loaded truck at US Gulf ports, and while the tariff situation isn’t fully clear yet, sources say buyers will likely inquire elsewhere in the meantime.


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