By CRU Senior Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service, Nov. 18 In the last several weeks, U.S. sheet prices have started to decline, though prices remain well above global prices. Under pressure from imports and service centers eager to sell high-cost inventory before the end of the year, prices for processed […]
The Oct. 31 agreement between the U.S. and the EU to replace Section 232 with a tariff-rate quota (TRQ) will likely serve as a model for similar trade deals with other countries that are chafing under the Trump-era tariff, said veteran Washington trade attorney Lewis Leibowitz during Wednesday’s SMU Community Chat. The Biden administration began […]
By Trade Attorney Lewis Leibowitz Last Wednesday, it was my pleasure to join many readers on the latest Steel Market Update Community Chat. After a brief rundown of current issues affecting the steel sector and its customers, we had a lively round of questions, refereed by SMU Senior Editor Michael Cowden. We didn’t get to […]
By Greg Wittbecker, Advisor, CRU Group Quotas in exchange for exemption, a bad precedent for other countries There has been much written about the new détente between the EU27 and the USA in the aftermath of the deal to suspend duties on European steel and aluminum. There are also reports that something may also be […]
The U.S. and Japan have officially begun talks that could lead to an easing of Section 232 tariffs on Japanese steel and aluminum exports. Those negotiations are part of a broader bilateral discussion on ways to reduce excess steel- and aluminum-making capacity globally, most of which the U.S. says is driven by China. “The United […]
Producer prices rose at a slightly higher rate in October, according to data released by the Labor Department. Supply-chain bottlenecks and shortages continue to drive manufacturing and shipping costs, keeping the historic climb for the index and subcategories for final demand moving up. Since falling in early 2020, the composite Producer Price Index (PPI) of […]
Ternium is considering adding a new electric arc furnace to its operations in North America as well as downstream cold rolling and coating capability. That’s according to sources familiar with the matter and as indiciated in recent public comments from company executives. The most likely candidate for any new EAF would be Pesquería, Mexico – […]
By Trade Attorney Lewis Leibowitz I summarized the newly announced trade deals between the United States and the European Union last week. I use the plural because a lot of issues were addressed in the statements that followed. Today’s column evaluates a few of the trends that are visible from these statements – notably on […]
By Greg Wittbecker, Advisor, CRU Group Since I spoke at the Fall Management Meeting, the market has continued to experience tremendous volatility and new variables to consider. CRU has recently updated its expectation for market balances, premiums and LME prices. These forecasts can be seen in detail through our Aluminum Market Outlook subscription. Here are […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
South Korea is pushing for “swift consultations” with U.S. trade officials about Section 232 following the negotiation of a tariff-rate quota (TRQ) with the European Union, according to local media reports. Seoul is concerned that the deal with the EU – which will allow approximately 3.6 million short tons of steel into the U.S. duty […]
The management team at Ryerson reported solid third-quarter results on Thursday and expressed optimism about underlying demand in the fourth quarter and into next year. “The pricing environment is still healthy and strong underpinned by good demand – demand deferred, not denied – and we see that continuing into 2022,” Ryerson President and CEO Eddie […]
Japan wants a waiver from the current Section 232 regime following the U.S. negotiating a tariff-rate quota (TRQ) with the European Union. The issue came up during a virtual meeting between U.S. Trade Representative Katherine Tai and Koichi Hagiuda, head of Japan’s Ministry of Economy, Trade and Industry, on Thursday, Nov. 4. Minister Hagiuda “strongly […]
By CRU Principal Analyst Josh Spoores Trade representatives from the USA and Europe came to an agreement at the end of October in regard to the Section 232 tariffs on steel and aluminum. The Department of Commerce further announced on Oct. 31 that consultations regarding the trade of steel remain ongoing between the USA and […]
Speaking at a steel industry gathering just two days after unveiling the historic trade deal she helped negotiate with the European Union, U.S. Trade Representative Katherine Tai described the progress made in steel trade and the challenges that still lie ahead in curbing global steel overcapacity. Following are her remarks today at the General Meeting […]
The tariff-rate quota, or TRQ, replacing Section 232 tariffs on steel and aluminum imported from the European Union will go into effect on Jan. 1, 2022, per details of the agreement released by the Office of the United States Trade Representative (USTR). A 25% tariff will be still applied after the quota limit – 3.3 million […]
October saw a gradual decline in steel prices for the second consecutive month, following one full year of continuous price increases. Hot rolled steel prices decreased $45 per ton throughout the month, with the SMU index averaging $1,885 per ton ($94.25 per cwt) as of Tuesday, Oct. 26. The SMU Price Momentum Indicator for hot […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Sheet Products Monitor Falling demand in most markets around the world has continued to weigh on steel sheet prices. Meanwhile, the announcement that the USA will remove Section 232 tariffs on steel and aluminum producers in the EU and replace them with a quota system means […]
The deal just announced between the U.S. and EU to replace the Section 232 tariffs with a tariff rate quota and to cooperate in reducing climate-changing carbon emissions was seen as a breakthrough by many – but not all. Trade groups representing steel consumers and producers from other parts of the world expressed “disappointment” that the […]
It goes without saying, the steel industry is in a dynamic, volatile market and the only thing that is certain is the volatility will continue as we move into calendar year 2022. It is not just price we need to watch over the coming months. There are many moving pieces to this puzzle. The agreement […]
It goes without saying, the steel industry is in a dynamic, volatile market and the only thing that is certain is the volatility will continue as we move into calendar year 2022. It is not just price we need to watch over the coming months. There are many moving pieces to this puzzle. The agreement […]
By Trade Attorney Lewis Leibowitz At the last minute, the U.S. and EU announced a deal to keep the tariff wars from getting worse. Yesterday, at the G20 meeting in Rome, the two sides announced an agreement that will prevent major retaliatory tariffs on U.S. exports to Europe from going into effect on Dec. 1. […]
The U.S. and European Union (EU) announced a deal this weekend that removes Section 232 tariffs on imports from the EU and replaces them with a tariff rate quota (TRQ) system. The agreement ends a dispute dating back to 2018 when President Trump imposed Section 232 tariffs on steel and aluminum imports, and it heads […]
The U.S. and the European Union (EU) could reach a deal that would lead to the removal Section 232 tariffs from steel imports from the trade bloc as soon as this weekend, according to sources familiar with the matter. The two sides would most likely agree to a tariff rate quota, or TRQ, which would replace […]
This year’s third quarter was the best quarter on record for Reliance Steel & Aluminum Co., the nation’s largest service center organization. Reliance reported gross profit of $1.21 billion on sales of $3.85 billion in Q3. “Our resilient business model, favorable metal pricing trends and excellent execution combined to produce another quarter of record-setting financial […]
By Trade Attorney Lewis Leibowitz U.S. Trade Representative Katherine Tai has been traveling. She has a lot on her plate. In an effort to attract allies to the United States’ plan to rein in China, the U.S. has floated a proposal, according to reports, to replace the 25% steel and 10% aluminum tariffs with a […]
By CRU Analyst Helen O’Cleary, from CRU’s Zinc Monitor Zinc’s price started LME Week looking mildly bullish on short covering, with the 3-month official price settling at $3,246 /t on Oct. 12. By Oct. 15, it had reached $3,944 /t, turbocharged by news of smelter cutbacks in Europe due to soaring energy prices and the […]
In this year’s edition of CRU Breakfast – part of LME Week – we explored three key themes that shaped the commodities markets – the global economic and commodities outlook, the changing role of China, and Navigating ESG. All three themes have been central to many developments in the industry and remain equally crucial moving […]
The impact of the pandemic on the domestic construction sector cannot be overstated, as more than two-thirds of U.S. states have struggled to add jobs since the onset of the global health crisis. Only 14 states and the District of Columbia have increased construction jobs since February 2020, reports the Associated General Contractors of America […]
The U.S. will “move away” from Section 232 tariffs on steel from the European Union, Nucor’s top executive said. “What the final outcome looks like – whether it’s a tariff rate quota, we’ll wait and see,” Leon Topalian, president and CEO of the Charlotte, N.C.-based steelmaker, said during a conference call with analysts on Thursday. […]