据报道，墨西哥和美国正努力达成钢铁关税协议

Investment Rating - The industry investment rating is In-Line [5]. Core Insights - The United States and Mexico are negotiating a trade deal to remove the 50% tariff on steel imports, allowing Mexico to export tariff-free steel to the US up to a certain volume [1]. - The US was a net exporter of steel to Mexico in 2024, exporting approximately 4.78 million tons while importing around 3.51 million tons [4]. - The potential shift to a tariff-rate quota (TRQ) system for Mexico could negatively impact long steel producers, as Mexico is a net exporter of rebar and wire drawn products [3]. Summary by Sections Section 232 Overview - Section 232 was enacted in 2018, imposing a 25% tariff on all steel imports and 10% on aluminum, with exemptions granted to Canada, Mexico, and Australia [2]. - In early June 2025, President Trump reinstated a 50% tariff on steel and aluminum imports, removing all prior exemptions [2]. Trade Dynamics - In 2024, the US imported approximately 154,000 tons of rebar from Mexico but exported only about 4,000 tons, indicating a significant trade imbalance in this category [4]. - The US imported around 233,000 tons of wire rod from Mexico while exporting just 45,000 tons, further highlighting the trade dynamics [4]. Company Ratings - Cleveland-Cliffs Inc (CLF.N): Equal-weight rating as of February 15, 2024, with a price of US$8.02 [56]. - Commercial Metals Company (CMC.N): Equal-weight rating as of December 19, 2024, with a price of US$50.67 [56]. - Nucor Corp (NUE.N): Overweight rating as of August 14, 2024, with a price of US$124.68 [56]. - Steel Dynamics Inc (STLD.O): Overweight rating as of March 7, 2025, with a price of US$133.81 [56]. - US Steel (X.N): Equal-weight rating as of February 3, 2025, with a price of US$53.89 [56].