Final Thoughts
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Final Thoughts
Written by John Packard
May 30, 2018
It has been an incredibly busy day. The Trump administration was busy taking care of our “friends…” Canada, Mexico and the European Union are no longer excluded from the 232 tariffs. I got a note from a mill friend of mine who laid out the scenario as he saw it:
“The irony of this whole thing is that Trump has now given an advantage to the countries that are traditional dumpers, like Russia, and a disadvantage to good trading partners like Canada by putting the same penalties on them. If you compare coated, Russia has a low cost of production and certainly would have lost a trade case because they often resort to very aggressive prices when selling. Now they can sell unlimited volume with a 25 percent duty on a low cost. Brazil has lost all trade cases in flat, and surely would have lost a coated case, too. But they can sell duty free under a quota. Canada never sold cheap steel, has an integrated supply chain within NAFTA, would not have had a dumping case, yet it is at a huge disadvantage over those other two!”
This afternoon, Steel Market Update revised our SMU Price Momentum Indicator to “Higher” from Neutral. The reason being the Trump administration manipulation of the steel supply. I will have more on this in Sunday evening’s issue of SMU.
Tomorrow will be a busy day for Steel Market Update. Your feedback on what is happening in the market is much appreciated.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
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John Packard
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Final thoughts
Sheet prices didn’t roar back after Labor Day. But steel market news sure came out of the gate strong (or maybe chaotically is the better way to put it). First, the nearly $15-billion proposed sale of U.S. Steel to Nippon Steel exploded into the news. And when I say exploded, I mean that all sides seem to be escalating things now.
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Final thoughts
Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
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Final thoughts
I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.
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Final thoughts
Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
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Final thoughts
The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.