US import offers for flat-rolled steel have not gained traction, with broadly stable prices abroad colliding with lower pricing in the domestic market - a trend that narrowed spreads between foreign and US product, market participants said.
And in some cases - notably hot-rolled coil - US prices have moved below foreign offers, an inversion of normal market dynamics.Hot-rolled coilFastmarkets AMM's price assessment for imported hot-rolled coil at Houston docks widened upward to $660-700 per short ton on Wednesday April 3 from $660-690 per ton previously.That range included offers for hot band from comparative newcomers to the US market, such as Argentina, Egypt and Serbia; with the higher end representing offers from more established suppliers, such as South Korea, sources said.Argentina and South Korea agreed to US quotas in exchange for an exemption from Section 232 tariffs - 25% in the case of steel from most countries and 50% for steel from Turkey.That material,...