Southern steel producers and distributors will have a new customer in 2022. Shipbuilder Austal USA, located in Mobile, Ala., broke ground last week on a steel manufacturing line to build steel ships for the U.S. Navy and Coast Guard. Austal USA is known for its construction of aluminum vessels, delivering 24 ships to the Navy […]
It’s time to roll back the Section 232 tariffs on steel and aluminum imports, and the Section 301 tariffs on imports from China, which are inflicting significant harm on U.S. businesses and workers, argued the National Foreign Trade Council on Wednesday in an appeal to the Biden administration. The NFTC’s briefing paper, “Why Recent Tariff […]
I want to write a few words today about Section 232. Not for or against it. Just some reflections on a trade action that’s been with us for a lot longer than I expected. The catalyst for that reflection was a conference call the Economic Policy Institute, a Washington policy think tank, held earlier this […]
Section 232 tariffs should remain in place because they backstop a stable U.S. steel industry, the benefits of which will outlast a temporary price spike, a panel of industry experts and trade union members said. “These typically last six to nine months. So we can expect that these price bubbles–and that’s really what they are–are […]
Lead times for steel and other materials continued to lengthen in March, said 60% of metalforming firms in the latest Precision Metalforming Association Business Conditions Report. Lead times have lengthened each month since September 2020 when 16% of PMA members reported longer lead times. “Metalforming manufacturers are seeing an uptick in business, but their ability […]
Among steelmaking raw materials, the prices of pig iron, shredded scrap, busheling scrap and aluminum rose again in March on top of large gains in previous months. Prices increased as much as 14% month-over-month for those four products. Iron ore prices are slightly down compared to levels one month prior, while coking coal prices have […]
The Coalition of American Metal Manufacturers and Users (CAMMU) is appealing to the Department of Commerce (DOC) to terminate Section 232 tariffs and quotas on imported steel and aluminum, in a followup to similar demands directed at the Biden administration on Feb. 10. In a March 15 letter to Commerce Secretary Gina Raimondo, CAMMU–which claims to represent […]
By CRU Senior Analyst Helen O’Cleary from CRU’s Zinc Monitor. Zinc use has been optimized on an ongoing basis for decades as technological advances lead to lower raw materials usage and the development of higher-performing alloys with a lower zinc content. This is particularly true of the galvanizing industry, which accounts for around 60% of […]
By CRU Senior Analyst Helen O’Cleary from CRU’s Zinc Monitor After a month of sideways trading in April, zinc’s price has entered ever more overbought territory in recent weeks, following copper’s price higher and benefiting from booming ex. China steel demand and the news this week of output cuts at zinc smelters in China’s Yunnan […]
I am going to spend some time discussing Steel Market Update this evening. I started SMU in August 2008 as a one-man show. The company has grown over the years both in size and scope. The sale of the company to CRU has turned out to be a blessing (I think for both companies), and […]
Biden administration Commerce Secretary Gina Raimondo described Section 232 tariffs on imported steel and aluminum as “effective” on Thursday. “The data show that those tariffs have been effective,” Secretary Raimondo said in an interview with MSNBC. Raimondo’s comments are important because trade policies such as Section 232, which Trump rolled out in March 2018, fall […]
Steel prices continued their upwards climb in the month of February, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,200 per ton in the third week of the month, reaching levels never before seen. Steel Market Update’s hot rolled price index reached $1,210 per ton by the end of February, up […]
The latest manufacturing report from the Institute for Supply Management indicates a ninth consecutive month of growth for the nation’s economy. The ISM manufacturing PMI rose 2.1% to 60.8 in February with new orders and production gaining 3.7% and 2.5%, respectively. “The manufacturing economy continued its recovery in February. Survey committee members reported that their […]
U.S. Trade Representative (USTR) nominee Katherine Tai expressed support for Section 232 tariffs on imported steel and aluminum, characterizing the duties as a “legitimate tool in the trade toolbox.” The prospective top U.S. trade negotiator also signaled that the U.S.-Mexico-Canada Agreement (USMCA) – the replacement to the North American Free Trade Agreement (Nafta) – would […]
SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in risk management and strategic advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial leadership roles […]
SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in risk management and strategic advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial leadership roles […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Demand is strong and approaching pre-COVID levels in the first quarter, said Olympic Steel President and COO Andrew Greiff during the service center’s fourth-quarter 2020 earnings call. All three company divisions contributed to earnings for Q4 with specialty metals turning in its third strongest quarter in the company’s history as well as the strongest quarter […]
Among steelmaking raw materials, the prices of iron ore, pig iron and steel scrap moderated through February following large gains seen in previous months. Prices declined as much as 16% month-over-month for those three products, but remain 34-57% higher compared to three months prior and as much as 87% higher than levels one year ago. […]
This report is an analysis of Bureau of Labor Statistics (BLS) data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, plastic and wood. The analysis includes some downstream products and a comparison of truck and rail transportation. On Feb. 17, the BLS released its series of […]
In order to slow climate change, steel and aluminum producers around the world will have to go through a fundamental transformation to reduce their greenhouse gases. CRU Group has developed an Emissions Analysis Tool to help them measure and control harmful GHG emissions. More than 700 participants logged into a Feb. 17 webinar to view […]
“Extraordinary challenges on a global scale” is how Reliance Steel & Aluminum CEO Jim Hoffman characterized 2020 during the service center’s conference call this week. However, Hoffman was optimistic about the new year, “As I continue to say, America is going to need Reliance in order to rebuild.” In the fourth quarter, Reliance sales fell […]
The Coalition of American Metal Manufacturers and Users (CAMMU) wants the Biden administration to terminate Section 232 tariffs and quotas on imported steel and aluminum “at once.” The group–which claims to represent more than 30,000 companies and one million workers in downstream metals-consuming sectors–said doing so will save jobs at home and allow the U.S. […]
Section 232 tariffs and quotas have left domestic steelmakers and steel consumers in sharply different realities. One side is investing big at home and enjoying record profits. The other is angry about sharply higher costs and is scouting for more steel abroad. That was the takeaway from a trade roundtable at Steel Market Update’s virtual Tampa […]
Section 232 tariffs on imported steel and aluminum netted the U.S. government nearly $2 billion in its 2020 fiscal year. U.S. Customs and Border Protection (CBP) collected $1.3 billion in Section 232 tariffs on imported steel in fiscal 2020 and $500 million in tariffs on imported aluminum, according to a recent report from the agency. […]
Join CRU’s webinar on Feb. 17 on lowering carbon emissions and hear CRU’s leading analysts discuss how the global spotlight on sustainability has challenged commodity industries—namely steel and aluminum supply chains. Why attend? Gain visibility of emissions along the global steel value chain Understand what makes emissions data “good” and why it is necessary, if […]
A decision from the U.S. Court of International Trade upholding Section 232 tariffs on imported steel means any repeal of the trade action will have to come from the Biden administration with the support of Congress, a top American Metals Supply Chain Institute (AMSCI) executive said. AMSCI should know because it went before the same […]
A global semiconductor shortage continues to hobble automotive production in North America with Ford and Stellantis poised to cut production at assembly plants making some of the most popular vehicles in the U.S. Ford’s Dearborn, Mich., truck plant will run one of three production shifts the week of Feb. 8. And its Kansas City, Mo., assembly […]
Steel Dynamics Inc. has been recognized by Fortune as one of the World’s Most Admired Companies in 2021, as well as ranking as the No. 1 best-regarded company in the metals industry. “We are honored by this recognition,” said Mark D. Millett, SDI president and chief executive officer. “Our recognition is testimony to the extraordinary passion […]
Among steelmaking raw materials, the prices of iron ore, pig iron and scrap saw large gains in January compared to months prior, up as much as 86 percent year over year. Coking coal prices, which rebounded compared to recent months, were still down 9 percent in January versus prices one year ago. Zinc prices have declined […]