While prices for most flat-rolled steel imports into the United States declined on Wednesday October 16, moving in step with fast-falling domestic prices, the lower prices were not sufficient to generate much interest from buyers.
Market chatter has centered on Turkey in recent weeks, with some sources expecting that the United States and Turkey would soon reach a trade deal. Instead, US President Donald Trump tweeted on Monday October 14 that he will impose a 50% tariff on imports of steel from Turkey in response to that country's military actions in northeastern Syria. Although the move doubles the previously existing 25% Section 232 tariff applied to shipments from Turkey, flat-rolled market participants broadly agreed that the impact of the duty increase on the import market would be minor.Other sources, who had anticipated tariff relief, were dismayed by the news. Importers had briefly expressed interest in Turkish steel, on the belief that the tariffs applied to shipments from that country might be replaced with quotas.With Turkey's withdrawal from the US import market, Canada, Mexico, South Korea and Brazil arguably remain as the only countries that could still bring...