Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following update on trade events in Washington: As briefly stated by the Trade Commissioner of the European Union, Cecilia Malmstrom, “Today is a bad day for world trade.” Malmstrom was referring to the announcement by President Trump that the 25 percent tariffs on steel […]
The Trump administration’s announcement today that it would not spare its closest trading partners from the 25 percent tariff on steel imports surprised many in the market. Effective at midnight, steel from Canada, Mexico and the EU countries will be subject to the same penalty as exports from China and other so-called “bad actors.” Steel […]
In the table below, Steel Market Update provides a snapshot of flat rolled steel pricing, commodities that affected steel prices, and economic data of importance to the flat rolled steel industry in June. Looking back at the past month, SMU’s Pricing Momentum Indicator continued to point higher as the domestic mills reacted to the Trump […]
The American iron and steel industry supports nearly two million jobs and contributes more than $520 billion to the U.S. economy, when considering the direct, indirect (supplier) and induced impacts of related commerce, claims a study released last week by the research firm John Dunham & Associates. The study also shows that the iron and […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following update on trade issues in Washington, including China, NAFTA, and a new Section 232 investigation on automotive imports: • The White House reported that 25 percent tariffs on $50 billion worth of imports from China will be announced by June 15, and […]
The steel market is waiting anxiously to see what happens June 1 when the tariff exclusions are set to expire for Canada, Mexico and the European Union. Some expect the exclusions to be extended as trade negotiations continue. Most expect steel prices to remain steady or move higher, based on an informal canvass of Steel […]
Steel production for the week ending May 26 totaled 1,789,000 net tons, a 4.1 percent increase from the same period last year, and up 0.8 percent from the previous week. The mill capability utilization rate for the May 26 week averaged 76.3 percent, up from 75.7 percent the prior week and 73.7 percent the prior […]
Ask almost any mill, service center or OEM executive to name their biggest headaches and trucking will be near the top of each list. Early this year, new regulations took effect requiring trucks to be equipped with electronic logging devices to limit drivers’ hours behind the wheel, creating an immediate shortage of trucking capacity. Trucks […]
What are the potential long-term implications of the Trump administration steel tariffs, in particular their effects on rerollers in the United States? Steel Market Update canvassed steel executives this week for their views on current market conditions, and the impact of the tariffs on pricing and availability clearly remains a source of concern. “I buy […]
Worldwide demand for graphite is forecast to grow at a strong annual rate of 5-7 percent through 2027. U.S. minimills rely on graphite for the electrodes used in electric arc furnaces to melt steel scrap. As China transitions to the more environmentally friendly EAF steelmaking process, and the proliferation of electric vehicles calls for more […]
Steel Market Update canvassed the market on May 22 to gather steel executives’ views on supply, demand and pricing in the current environment. Some also shared their thoughts on their biggest challenges today. Below are some of their more insightful comments: Q: Are you seeing any signs that steel prices are going to “break out” […]
Marking a win for U.S. steelmakers, the Commerce Department on Monday officially slapped duties on corrosion-resistant steel (CORE) and certain cold rolled steel products imported from Vietnam that were produced from substrate originating in China. Commerce determined that even though the products underwent some processing in Vietnam, they should still be subject to the same […]
Marking a win for U.S. steelmakers, the Commerce Department on Monday officially slapped duties on corrosion-resistant steel (CORE) and certain cold rolled steel products imported from Vietnam that were produced from substrate originating in China. Commerce determined that even though the products underwent some processing in Vietnam, they should still be subject to the same […]
Steel production for the week ending May 19 totaled 1,775,000 net tons, a 3.3 percent increase from the same period last year, and up 1.6 percent from the previous week. The mill capability utilization rate for the May 19 week averaged 75.7 percent, up from 74.5 percent the prior week and 73.7 percent the prior […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers an update on the latest developments in Washington: • Circumvention—On Thursday, the Commerce Department issued its long-awaited final determination in an anticircumvention inquiry under the antidumping and countervailing duty laws of the United States. The issue was whether cold-rolled and corrosion-resistant (CORE) flat rolled steel […]
Steel demand has remained surprisingly strong in 2018, even as prices have escalated and trade disputes have made purchasing riskier. But Steel Market Update data suggests that demand may be weakening. SMU canvasses the flat rolled steel market every two weeks. A clear majority (62 percent) of the respondents to the May 14 questionnaire indicated […]
Union Partners, the Chicago-based metals and logistics company, has hired Jay Ervin as vice president of business development. In this new role, Ervin will be responsible for managing the company’s sales, customer and prospect strategies, as well as strategic partnerships. Ervin formerly held numerous sales and management roles in 14 years with Leeco Steel. “As […]
Mill lead times, which had been stretching for much of the year, may have turned the corner. Flat rolled lead times are still extended, but appear to be stabilizing, according to Steel Market Update’s latest market trends data. Lead times for hot rolled now average about five and a half weeks, cold rolled about seven […]
Steel mills appear slightly more willing to negotiate spot prices on hot rolled, cold rolled and coated steel than a month ago, according to respondents to this week’s Steel Market Update market trends questionnaire. “They will negotiate, but from a high number,” commented on service center executive. “It depends on the mill, but most are […]
Mark Bula, chief commercial officer at Big River Steel, is leaving the Osceola, Ark., steelmaker to pursue new entrepreneurial opportunities, according to a statement from the company. Keith Shuttlesworth, currently Big River Steel’s general manager of the Carbon Sales Group, will become the company’s new chief commercial officer. Shuttlesworth joined Big River Steel after an […]
For the many friends and admirers who believed Don Simon would be in the steel business forever, the day has finally come. Simon has sold the family business to Union Partners. “I am extremely grateful to have been able to serve the steel industry for as long as I have,” stated the 87-year-old Simon, who […]
Michael Barnett has been appointed president and chief operating officer of Grand Steel Products, Inc., Wixom, Mich., transitioning the company leadership from his father Jim Barnett. “It is with great pleasure, excitement and confidence that I announce Michael Barnett has been appointed president and COO of Grand Steel Products, Inc.,” stated company founder Jim Barnett. […]
In its final determination in the Vietnam CORE anti-circumvention case, the Commerce Department ruled Thursday that imports of corrosion-resistant galvanized steel from Vietnam will still be subject to substantial antidumping and countervailing duties unless the importer can prove the substrate used in the production process was not sourced from China. “Commerce may face challenges to […]
In its final determination in the Vietnam CORE anti-circumvention case, the Commerce Department ruled Thursday that imports of corrosion-resistant galvanized steel from Vietnam will still be subject to substantial antidumping and countervailing duties unless the importer can prove the substrate used in the production process was not sourced from China. “Commerce may face challenges to […]
Lewis Leibowitz, a trade attorney and contributor to Steel Market Update, offers the following update on trade issues in Washington affecting the steel industry: • Section 301 Hearing on Proposed Tariffs: On May 16, the U.S. Trade Representative’s office will kick off three days of hearings on the proposed Section 301 tariffs on China announced […]
Demand remains strong and prices for galvanized steel have begun to level off after rising for most of the year, which is positive news for the HVAC industry. However, a big decline in foreign imports could dramatically reduce the availability of coated steel later in the year. “In the fourth quarter, there could be quite […]
Steel prices are way up and likely to move even higher given events on the trade front. But, so far, they have not hurt demand in the HVAC sector, reported members of the Heating, Air-conditioning and Refrigeration Distributors International (HARDI) on Tuesday during the trade association’s monthly steel conference call. John Packard, publisher of Steel […]
Demand remains strong in the HVAC sector despite the high steel prices, but distributors share an uncomfortable feeling that the favorable conditions may not last. “Business is good, and prices are high, but they are going to fall. When is anyone’s guess. You just have to try to protect yourself and have the least amount […]
Distributors of products for the HVAC sector expect prices for steel, especially galvanized, to drop in the coming weeks or months. Demand remains strong, they report, but they are keeping inventories lean in anticipation of declining prices. “There is a greater likelihood that prices will go down than go up. With the lead times being […]
Premium subscribers to Steel Market Update receive reports on imports with macro data broken down by product on the national level. SMU also provides reports that detail the import tonnage received by district of entry and source nation. This new report from SMU takes the analysis even further. Using U.S. International Trade Commission (USITC) data, […]