Ferrous scrap prices are starting to settle as of today. Initial checks with some of our scrap sources found prime grades down $40 and obsolete grades down $30 in portions of the Midwest. We learned the Cleveland area mills bought busheling down $20 to $300/gross ton. We also learned of a purchase of HMS at […]
The effectiveness of the Trump administration’s Section 232 tariff gets mixed reviews. The 25 percent tariff has contributed to a 13 percent reduction in steel imports this year, easing the competitive pressures on domestic mills. But after an initial spike in steel prices last year, and record earnings by the mills, the price of finished […]
The price of iron ore corrected in August with a $32 per dry metric ton decline, while the four-month-long decline in the price of scrap reversed slightly. Table 1 summarizes the price changes through Aug. 21 of the five materials considered in this analysis. It reports the month / month, 3 months / 3 months […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On Friday, China announced new tariffs in response to the Trump administration’s new tariffs on $300 billion of imports from China. Effective Sept. 1, China will impose 5 percent or 10 percent tariffs on more than 5,000 tariff […]
Tariffs on some of the $300 billion in Chinese goods due to take effect on Sept. 1 have been pushed back until Dec. 15, and some items are likely to be removed from the tariff list entirely, as the Trump administration faces opposition from U.S. companies that claim the duties are hurting their businesses, The […]
Nearly 1,000 executives are registered with just two weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our 9th […]
Declining steel prices and inventory destocking contributed to a guidance miss for Ryerson Holding Corp. Although shipments increased 0.6 percent to 623,000 tons quarter-to-quarter, net sales fell 2.1 percent to $2.1 billion. Net income was $16.4 million, down from $30 million in the previous quarter and $18 million a year ago. Earnings per diluted share dropped […]
The European Union has prepared a list of nearly $40 billion (€35 billion) in U.S. goods it will hit with retaliatory duties should President Trump decide to impose tariffs of 25 percent on imported cars and auto parts. EU Trade Commissioner Cecelia Malstrom said the list of targeted goods has been raised from €20 billion […]
Trade actions have imposed new and increased burdens on both U.S. Customs and Border Protection and on importers, reported the American Institute of International Steel in a July 8 blog by AIIS Customs Committee Chairman and attorney Steven W. Baker. “Importers have recently been faced with many seldom used or new and unprecedented trade remedy […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
The surge in the price of iron ore and the decline in the price of scrap continued through mid-July, benefiting the EAF producers in the U.S. over the integrated mills Table 1 summarizes the price changes through July of the five materials considered in this analysis. It reports the month/month, 3 months/3 months and 12 […]
Reliance Steel & Aluminum reported net sales of $2.8 billion for the second quarter of 2019, a decrease of 2.5 percent from the first quarter. Net income totaled $183.1 million, down from $190.1 million in the prior quarter, while shipments totaled 1.5 million tons, up slightly (0.4 percent) from Q1. “We had a solid second […]
The Producer Price Index, inclusive of all commodities, has been relatively stable in 2019. In the last 12 months the prices of cold-rolled steel sheet and aluminum have declined in unison, according to an analysis of Bureau of Labor Statistics data performed by Steel market Update. This report is intended to provide subscribers with a […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Bastille Day!! On Friday afternoon, which is traditionally the time to bury inconvenient news, the White House announced that President Trump had rejected the advice of the Secretary of Commerce to impose import restrictions on uranium trade. The […]
A new tariff on fabricated structural steel from Mexico adds another complication to U.S./Mexico relations, but is not expected to threaten ratification of the USMCA. The U.S. Department of Commerce issued a preliminary ruling in a countervailing investigation that U.S. producers are being harmed by imports of fabricated structural steel from Mexico and China. Canada […]
The U.S. is taking issue with retaliatory tariffs imposed by India in response to the Trump administration’s Section 232 tariffs on steel and aluminum. In a request for consultation with the World Trade Organization, the U.S claims that India is violating Articles 1:1 and Article II 1(a) and (b) of GATT 1994. India issued an […]
Over 800 executives are registered with just seven weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our […]
Over 800 executives are registered with just seven weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our […]
The ISM Manufacturing Index slipped to 51.7 percent in June from 52.1 percent in May, its lowest reading since October 2016. The headline PMI has been softening since September 2018, noted Timothy R. Fiore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. “Softening this month was primarily due to demand and inputs […]
The Precision Metalforming Association says metalforming companies continue to be concerned about future business conditions. The May report, sampling 100 metalforming companies, shows little change in their confidence that orders and general business activity will increase. “PMA’s monthly Business Conditions Report reveals that metalforming manufacturers continue to show concern about business activity,” said PMA President […]
The Supreme Court on Monday rebuffed a challenge to the president’s use of Section 232 tariffs, declining to review a March CIT ruling. In June 2018, the American Institute of International Steel and two of its member companies challenged the constitutionality of Section 232 of the Trade Expansion Act of 1962, charging the act provides […]
Steel Market Update is pleased to share this Premium content with Executive level members. For more information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The price of iron ore has surged as scrap has declined benefiting the EAF producers in the U.S. over the integrated mills. Table 1 summarizes the price changes through June […]
More than 700 executives are registered with slightly more than two months to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center (www.gicc.com) will be the […]
More than 700 executives are registered with slightly more than two months to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center (www.gicc.com) will be the […]
Beginning today, a new portal is available from the U.S. Department of Commerce for those who need to file exclusion requests under the Section 232 measures on steel and aluminum. Companies can request to have products they import excluded from the 25 percent tariff on steel and 10 percent tariff on aluminum if their needs […]
XOM Marketplace—the latest online solution for buying and selling materials such as steel, stainless steel, aluminum and plastics—has gone live in the United States. Active in Europe since 2018, XOM Materials, the Berlin-based company behind the new online marketplace, already claims success in Germany and other European markets. Expansion into the U.S. marks a major […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On Friday evening, President Trump announced that he was suspending “indefinitely” the tariffs on goods imported from Mexico to the United States. The outlines of the deal that had this result have been announced, but there are no […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On Friday evening, President Trump announced that he was suspending “indefinitely” the tariffs on goods imported from Mexico to the United States. The outlines of the deal that had this result have been announced, but there are no […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Father’s Day, all you Dads! Several items of interest appeared during the past week: Steel and Aluminum Product Exclusions—The Commerce Department announced a new “232 Exclusion Portal” in a notice it published on June 10. The new […]