Prices for imported flat-rolled steel have edged downward, but they aren't attracting US buyers because domestic prices are falling even faster, market participants said.
And with US mill lead times short - a matter of weeks as opposed to as much as three months for import orders - there is little incentive to take the price and geopolitical risk associated with offshore deals, they said.Hot-rolled coilFastmarkets AMM's price assessment for imported hot-rolled coil has dropped to $620-660 per ton ($31-33 per hundredweight), down from $650-680 per ton previously.That range represents offers for late summer arrival from low-cost countries such as Egypt and Serbia or those not subject to Section 232 tariffs, such as South Korea and Argentina, some sources said.Argentina, Brazil and South Korea have each agreed to a quota in exchange for exemptions from Section 232 tariffs of 25%.But others questioned how anyone besides tariff-exempt countries could make deals to the US with domestic prices at their lowest point in more than 16 months."There is no money in it, which is why you don't...