Despite reports from US-based traders that some import rebar sources are attempting to push up prices, offers have remained relatively stable this week due to uncertainty in the market. On the one hand, the strong upward trend in US domestic rebar prices has left US traders “optimistic” that higher offer prices can be achieved. However, the looming threat of the Section 232 investigation has left many US buyers wary of impending tariffs, and they are reportedly reluctant to book imports.
Today, Donald Trump told a gathering of lawmakers that he’s considering tariff and/or quota options in his Section 232 decision, which is due by April 11. He also reportedly said that the US could “make a lot of money” with collected tariffs, even though tariffs are paid by US importers and included in their price to customers. Sources say such remarks hint at a “strong likelihood” of steel tariffs resulting from the investigation, although other sources are quick to point out that what Trump says “isn’t often what actually happens.”
As buyers mull their import options, offers for imported rebar in the US domestic market from Turkey are still being heard around the level of $31.00 cwt. ($620/nt or $683/mt) DDP loaded truck in US Gulf ports, unchanged in the last week.