Steel Market Update reached out to trade attorney Lewis Leibowitz and to review the Vietnam CORE (corrosion resistant steels = galvanized and Galvalume) filing by California Steel and Steel Dynamics. The filing was made by the law firm Schagrin Associates. I only have time for a brief response after quickly reviewing the Schagrin filing asking […]
We might as well get the debate started. The circumvention complaints against Vietnam have prompted comments and a healthy discussion is needed as the industry tries to wrap its collective mind around the facts of the latest request of the US Department of Commerce to stop Vietnamese exports of cold rolled and coated steels. We […]
Earlier today California Steel and Steel Dynamics filed a Request for Circumvention Ruling with the U.S. Department of Commerce against Vietnam. One of the trading companies Steel Market Update spoke to this afternoon termed the complaint a “game breaker” for steel trading companies importing foreign steel who will now shy away from any country that […]
The following article on the hot rolled coil (HRC) and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: The focus in HR this past week has been primarily in Q4’16 and 1H’17. Futures prices have dropped to the psychological $500 level […]
Baosteel and Wuhan Iron and Steel (WISCO), the fifth and eleventh largest steel manufacturers in the world, are merging to form a new entity, China Baowu Iron and Steel Group. The combination of assets will give the new company an estimated 60 million tons of capacity, placing it as second largest producer behind ArcelorMittal. Both […]
SMU attended the regional meeting of the Associated Steel Distributors (ASD) on Sept. 15 in Cleveland, Ohio. The meeting was well attended for a presentation by Cliffs Natural Resources CEO Lourenco Goncalves. Mr. Goncalves spoke about the environment, trade and how conditions in the iron ore industry impact global steel supply, or, in recent years, […]
U.S. ports contacted by Steel Market Update report steel imports are beginning to increase in recent months after dropping in the first half of the year. Port of Houston Authority reports that steel imports were down 59 percent through August 2016 for a total of 1.56 million tons. Steel exports also plunged by 45 percent […]
Tenaris is recalling workers to its Tenaris Algoma Tubes factory in Sault Ste. Marie. The facility which make seamless pipe for the oil and gas industry has been idle since February 8 due to continued adverse market conditions in the energy sector. Tenaris Algoma Tubes said it will recall 120-150 employees and restart production in […]
We don’t think the domestic steel mills would have envisioned winning virtually all of their antidumping (AD) and countervailing duty (CVD) suits and still have foreign steel imports at, or above, 3 million net tons per month. Unfortunately for the domestic mills that is the reality that is sinking into the market (and probably a […]
Brazil will fight the U.S. imposed dumping duties on steel products through a trade dispute at the World Trade Organization, according to Brazilian Trade Minister Marcos Pereira. Reuters reported on Tuesday, that Pereira expects the Brazilian foreign trade office to approve the initiation of cases regarding cold-rolled and hot-rolled steel. “I will defend that position… […]
This report summarizes total steel supply from 2003 through July 2016 and year on year changes. It then compares domestic mill shipments and total supply to the market. It quantifies market direction by product and enables a side by side comparison of the degree to which imports have absorbed demand. Sources are the American Iron […]
The Department of Commerce announced an affirmative preliminary decision in the investigation of dumping of imports of stainless steel and strip from China. The China-wide rate assigned was 76.64 percent due to a failure of producers and exporters to respond to Commerce’s request for information. Non-selected separate rate respondents received a dumping rate of 63.86 […]
The duties on automotive steel from Korea due to antidumping (AD) may affect pricing of vehicles at Hyundai and Kia here in the U.S. Dumping and countervailing duties have been determined by the Department of Commerce on imports of Korean coated, hot-rolled, and cold-rolled steel. Hyundai Steel, part of Hyundai Group, exports approximately 545,000 tons […]
Licensed data for August was reported by the Steel Import Monitoring System of the US Commerce Department on September 6th. An explanation of the methodology that we at SMU use to analyze the trade data is given at the end of this piece. Total rolled product licensed imports in the single month of August were […]
According to the latest data released from the U.S. Department of Commerce and the American Iron and Steel Institute, apparent steel supply for the month of July 2016 was 9,095,385 net tons. Apparent steel supply is calculated by adding domestic steel shipments and finished US steel imports, then subtracting total US steel exports. July apparent […]
July steel exports totaled 738,096 net tons (669,590 metric tons), down 9.0 percent over June and down 9.2 percent from July 2015. Total July figures are below the thee month moving average (average of May, June, and July 2016 figures) ans below the twelve month moving average (average of August 2015 through July 2016 data). […]
Global manufacturing continued to grow in August although falling from an eight-month high of 51.0 in July to 50.8 in August. Growth was sluggish in developed markets but improved in emerging markets. Of the 28 countries surveyed in the JP Morgan Global PMI, only nine reported worsening conditions in August. Manufacturers in China reported no […]
Chinese steel trade data was recently released for the month of July 2016, providing updated data on iron ore imports, scrap imports, and flat rolled imports and exports. Chinese imports of iron ore in July were 88,400,000 metric tons, an increase of 8.3 percent from the previous month and an increase of 2.7 percent from […]
The following report on steel exports is from the American Institute for International Steel (AIIS): Falls Church, VA. August 10, 2016. Steel exports crept up 1 percent from May to June, reaching 811,211 net tons. The June total was down 8.4 percent from a year earlier, however. Exports to Canada were nearly unchanged month-to-month at […]
This report summarizes total steel supply from 2003 through June 2016 and year on year changes. It then compares domestic mill shipments and total supply to the market. It quantifies market direction by product and enables a side by side comparison of the degree to which imports have absorbed demand. Sources are the American Iron […]
According to the latest data released from the U.S. Department of Commerce and the American Iron and Steel Institute, apparent steel supply for the month of June 2016 was 9,098,316 net tons. Apparent steel supply is calculated by adding domestic steel shipments and finished US steel imports, then subtracting total US steel exports. June apparent […]
The U.S. Department of Commerce released Final Census Data for June as well as an update on July import license data earlier this week. Foreign steel imports came in at 2,821,894 net tons during the month of June. This is essentially unchanged from the prior month’s 2,876,358 net tons of imports. July imports, based on […]
Korean steel producer POSCO said it will take action against antidumping and countervailing duties imposed by the U.S. Department of Commerce last week on exports of hot-rolled steel. Countervailing duties of 57.04 percent were levied against POSCO while competitor Hyundai Steel, and all other Korean producers, received duties of 3.89 percent. A POSCO official called […]
On Friday the U.S. Department of Commerce announced their final determination findings on hot rolled steel dumping margins and countervailing subsidy rates for Brazil, South Korea, Australia, Turkey, Japan, United Kingdom and the Netherlands. In the article above we reproduced the press release provided by the Commerce Department. In this article we are going to […]
By the end of this week, the U.S. Department of Commerce is scheduled to release their final determinations on hot rolled antidumping and countervailing duties against seven countries: Brazil, South Korea, Australia, Japan, United Kingdom, Turkey and the Netherlands. Combined these seven countries represented roughly 55 percent of all hot rolled imported into the United […]
Global manufacturing began the second half of 2016 on a positive note, according to the JPMorgan Global Manufacturing PMI, compiled by Markit. The rate of growth for manufacturing rose at a faster rate between June and July on all of the indices that make up the composite PMI. At 51.0 in July, the PMI was […]
In the Bureau of Economic Analysis report of GDP released on Friday, economic statistics were revised back to Q1 2013. In these revisions, Q2 and Q4 of 2015 were revised down as was Q1 of 2016. Q1 of 2015 was revised up substantially and Q3 of 2015 was unchanged. The annualized GDP growth rate in […]
ArcelorMittal posted net income of $1.1 billion second quarter 2016 compared to a net loss of $400 million in first quarter. Second quarter EBITDA nearly doubled from first quarter due to higher steel selling prices and volumes. Crude steel production was 13.1 million tonnes with shipments of 22.1 million tonnes. Sales increased to $14.7 billion […]
US Steel narrowed its losses in second quarter, reporting a net loss of $46 million compared to a loss of $340 million in first quarter, and $261 million in Q2 2016. Net sales for the company totaled $2.58 billion. Earnings for the flat rolled and US Steel Europe segments returned to positive numbers at $6 […]
China is fighting back on trade restrictions imposed on export of its steel products. On July 22, Baosteel requested the U.S. International Trade Commission to uphold the suspension of the 337 investigation brought by US Steel to block all Chinese carbon and allow steel products from the US market. Baosteel accused US Steel of trying […]