CRU: US rebar and wire rod prices rise alongside S232 increase

US rebar and wire rod prices rose m/m as mills raised prices on the back of Section 232 tariffs increasing to 50% in early June. Tyre cord prices rose again as well, due to the high US dependency on imports. For remaining long products, import interest has gradually declined in recent months because of the tariffs, although current import volumes remain high as previously committed orders make landfall. Domestic scrap prices were flat in June, though their influence on longs has waned as tariffs give import pricing more weight.