Prices, politics keeping Turkish rebar out of US market

Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turkish steel back to 25%, rebar shipments from that country are unlikely to make a splash in the US market, given declining domestic prices and ongoing geopolitical tensions, Fastmarkets understands.

When the decision to cut the previously doubled tariffs in half was announced in late May, sources anticipated a quick resumption of Turkish steel exports to the US that would likely act as a headwind for domestic steel prices.
More than two months later, those predictions have not come to pass, with only 187.6 tonnes of Turkish rebar licensed for US import in June and zero tonnes licensed for import in July, according to data from the US Department of Commerce’s Enforcement and Compliance division, last updated on Wednesday July 24.
“We still really haven’t seen Turkey come back into the market, which is blowing my mind,” a southeastern US rebar consumer said. 
So what’s holding back US buyers from purchasing Turkish rebar? Prices and politics, according to market participants based in the United States. 

The downtrend in US rebar prices has yet...

Published

Cem Turken

Viral Shah

Paul Lim

Patrick Fitzgerald

July 25, 2019

19:44 GMT

New York/Mugla/London/Singapore