Final Thoughts
Final Thoughts
Written by John Packard
January 6, 2017
Welcome back to any of you who managed to extend your New Year Holiday until the 9th of January. The year started slow but increased speed once we got toward the end of this past week. Ferrous scrap prices are up $30-$45 per gross ton and AK Steel has started the ball rolling with a $40 per ton price increase. Welcome back!
We expect the other steel mills to follow the AK Steel lead. We learned that at least two domestic steel mills were offering spot hot rolled at $640 per ton ($32.00/cwt) prior to the AK Steel announcement. Our sources were advising that other mills were still in the $600 to $620 range for new spot offers prior to the AK announcement which was not made until late in the day on Friday. So, we should see more announcements as this week progresses.
To our Premium level members we published the Power Point presentation regarding our flat rolled steel survey on the website on Friday. Premium members can access the data under the Analysis tab when logged into the website. If you are a new Premium member and you would like help finding the survey results and other items in the website you can contact Brett Linton at: Brett@SteelMarketUpdate.com or by phone at 706-216-2140.
As always your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
John Packard
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Final Thoughts
We joked in our last Final Thoughts that Wiley trade attorney Tim Brightbill – one of the nation’s leading experts on trade law and policy – would probably be revising his presentation on Trump, trade policy, and tariffs for the Tampa Steel Conference. He did. And even after those last-minute revisions, he actually got trumped […]
Final Thoughts
The whole SMU team is packing up our laptops and our SMU polos/cardigans, loading up the PowerPoint slides, and preparing to make the trek down to Florida for the Tampa Steel Conference. There will be plenty to talk about!
Final Thoughts
From one group of folks, I’ve heard that Trump might not wait until Feb. 1 – the date he threatened on to place tariffs on China, Canada, and Mexico. They say he could act as soon as Friday. And then there are those who don’t think anything will happen before April 1. That’s the deadline for Commerce, Treasury, and USTR to submit key reports on “America First Trade Policy” to President Trump.
Final Thoughts
Trump made a clarification in a speech on Monday. Previously, he had declared the word “tariff” the most beautiful word in the dictionary. No longer.
Final Thoughts
President Donald Trump on Sunday hammered Colombia with 25% tariffs and threatened to increase them to 50%. Trump in a post on Truth Social said he took the action not because of a trade dispute but because the South American nation had refused to accept planes carrying deported immigrants. The president also cited "national security" concerns, just as he did to justify 25% Section 232 tariffs on steel in his first term. Even the 50% threat echoes his first term. Turkish steel, like that of most nations, was assessed a 25% tariff in March 2018. Trump doubled Turkey's tariff to 50% via a tweet in August of that year over a matter unrelated to steel.