As the US import rebar market awaits fresh tariff-free offers from Europe as soon as the new US-EU tariff-rate quota system commences as of Jan. 1, offers from other regions are slightly softening. Rebar offers from Turkey are down $0.50 cwt. ($11/mt or $10/nt) since our last report two weeks ago, falling into the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) DDP loaded truck in US Gulf ports. However, the downtrend is linked more to trends in the Turkish rebar market rather than the US market.
US import rebar offers from Mexico, meanwhile, are stable at $46.00-$48.00 cwt. ($1,014-$1,058/mt or $920-$960/nt) DDP Houston. Sources tell SteelOrbis that Mexican offers are expected to become softer once new European offers enter the US market, as Mexico and Canada have been exempt from Section 232 tariffs. Even though European rebar will be subject to quotas, unlike Mexico, the influx of new, cheaper options is expected to put “significant pressure” on Mexican offers.