Deals announced last week between the US and countries under temporary exemption from Section 232 tariffs has resulted in a slightly clearer outlook for the US import rebar market. The US is reportedly finalizing a deal with Brazil that would trade permanent tariff exemption for annual tonnage quotas, and considering import rebar offers to the US from Brazil are competitive with current offerings from Italy and Mexico, the certainty offered by the US-Brazil deal is more attractive than the still-temporary exemption status of NATFA and EU countries.
For now, with Italy and Mexico still under exempted status, offer prices have not changed in the last week. Offers for imported rebar in the US domestic market from Italy are still heard around $38.00-$39.00 cwt. ($760-$780/nt or $838-$860/mt) DDP loaded truck at US Gulf Ports, with Mexican offers heard at about $1.00 cwt. ($20/nt or $22/mt) higher.