It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 steel tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is […]
President Trump’s 25 percent tariff on steel from countries around the world comes at what cost? The trade action by the Trump administration is unpopular among the majority of the executives who responded to Steel Market Update’s market trends questionnaire last week just before the president announced the tariffs, as expected. Nearly seven out of […]
President Trump’s 25 percent tariff on steel from countries around the world comes at what cost? The trade action by the Trump administration is unpopular among the majority of the executives who responded to Steel Market Update’s market trends questionnaire last week just before the president announced the tariffs, as expected. Nearly seven out of […]
President Trump wants the NAFTA talks concluded before upcoming elections in Mexico and the U.S., as he told Canadian Prime Minister Justin Trudeau in a phone call on Monday. Trudeau has been meeting with Canadian steel and aluminum workers this week with stops planned at Stelco and ArcelorMittal Dofasco on Tuesday. The call came on […]
U.S. Steel provided full-year 2018 earnings guidance on Monday in light of the recent Section 232 tariffs. As a result of the imposition of a 25 percent tariff on steel imports, the company decided to resume steelmaking operations at Granite City Works with the restart of its “B” blast furnace. U.S. Steel anticipates incremental shipments […]
We received a question from one of our readers today asking for clarification on import market share as presented in different articles. We look at imports from both a macro view (total imports = percentage of apparent supply) as well as a more focused view (such as how large is the share of pipe and […]
The U.S. Department of Commerce released the latest steel import license data for the months of February and March 2018. Based on licenses collected through the 13th of March, February 2018 steel imports are expected to total approximately 2.47 million tons, which would be down 400,000 tons from what was reported by the DOC for […]
Eight out of 10 respondents to Steel Market Update’s market trends questionnaire last week (just prior to President Trump’s announcement confirming the 25 percent tariff on steel imports) believe tariffs on foreign steel will weaken the steel and manufacturing base in the United States. Following are some reader comments, nearly all opposed to the Trump […]
President Trump made headlines this week when he slapped a 25 percent tariff on steel imports from all nations except Canada and Mexico. His rationale is that the U.S. should treat other countries the way they treat us. Steel Market Update has heard many incorrect statements about how the rest of the industrialized world treats […]
Imports’ shares of the major steel product markets are all on the decline, reveals a new report on imports from Steel Market Update. The report examines the import share of sheet, plate, long and tubular products and 18 subcategories of these product groups. We think the introduction of this analysis is timely as a way […]
Apparent steel supply for the month of January 2018 rose month-over-month but fell year-over-year to 9,158,850 net tons, according to the latest data from the U.S. Department of Commerce and the American Iron and Steel Institute. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. […]
President Trump made headlines this week when he slapped a 25 percent tariff on steel imports from all nations except Canada and Mexico. His rationale is that the U.S. should treat other countries the way they treat us. Steel Market Update has heard many incorrect statements about how the rest of the industrialized world treats […]
Total rolled steel imports declined by 14.8 percent, and sheet products by 13.6 percent, in the three months through February compared to the prior three-month period, according to Steel Market Update’s analysis of federal Steel Import Monitoring and Analysis (SIMA) data. This is the second edition of our new and expanded import report that now […]
Flanked by members of his administration and a group of steel and aluminum workers, President Trump signed measures today calling for a 25 percent tariff on imports of steel and a 10 percent tariff on imports of aluminum. But his comments leave the market far short of the clarity and certainty most had hoped for. […]
President Trump’s controversial decision to impose a steep tariff on steel imports has clearly unsettled the market and taken a toll on the attitude of many steel buyers. Both current and future sentiment among flat rolled steel buyers declined significantly in the last two weeks, according to the latest Steel Market Update Steel Buyers Sentiment […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel HR futures prices have moved up. POTUS has been keeping the HR futures market hopping this week. The plethora of news […]
January foreign steel imports were finalized yesterday at 2,879,076 net tons (2,611,857 metric tons), according to the U.S. Department of Commerce. This is up 17.5 percent from December, and up 4.2 percent from November. It is also slightly greater than import levels seen in January 2017 (2,814,233 tons). Current February license data has imports down […]
Reaction to the official announcement and signing of the Section 232 proclamation brought swift reaction from the industry and Congress. Opinions ranged from unwavering support, “the era of American trade surrender is coming to an end,” to total dismay, “the sweeping tariffs announced today are like dropping a bomb on a flea.” Supporting the 25 […]
Australia’s Prime Minister Malcolm Turnbull warned that the steel and aluminum tariffs planned by President Trump will have consequences for construction in California. Australian producer BlueScope sends about 300,000 metric tons of steel slabs per year to its Steelscape facilities in California and Washington where it is transformed into metallic-coated and pre-painted steel used in […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
California Steel Industries (CSI) is calling for President Trump to exclude semi-finished steel from the 25 percent tariff he is expected to impose on steel imports under Section 232. CSI is a “slab converter” mill, relying almost entirely on imported slab as feedstock to produce coil steel sheet and electrical resistance welded (ERW) pipe. Because steel […]
With steel imports mostly on hold awaiting the final word on Trump’s tariffs, supplies of prime steel are tightening, putting distributors of secondary material in the catbird seat, at least for a while. But the supply of secondary is tightening, as well, say service center executives, who aren’t sure how long the window of opportunity […]
Nucor Chairman, President and CEO John Ferriola remains an unabashed supporter of strong trade action by the Trump administration to level the playing field for domestic steelmakers against unfairly traded imports. “I’m encouraged that the president will take action that is both decisive and meaningful and will help restore the steel industry to its former […]
The threats of Section 232 tariffs and the possible withdrawal of the United States from NAFTA have not swayed ArcelorMittal from its commitment to invest $1 billion in its Mexican operations. In a statement reported on Friday, a spokesman for the integrated steelmaker said the company has no intention of changing its plans for Mexico, […]
The following article was written by trade attorney Lewis E. Leibowitz. Whenever you hear someone say that a policy move is vital and trivial at the same time, watch your wallet. The Sunday talk shows today featured spokesmen and commentators debating the impact of steel and aluminum tariffs. Secretary of Commerce Wilbur Ross and National […]
Last week, President Trump let it slip of his intention to place a 25 percent tariff on steel and a 10 percent tariff on aluminum coming from foreign sources, including our NAFTA partners. Over the weekend, countries around the world have pledged to respond to any tariffs on steel and aluminum with tariffs of their […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel import prices (delivered to USA ports) and domestic (USA) hot rolled coil prices (FOB Domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and […]
Most service centers are raising spot prices to their end customers following President Trump’s announcement that he plans to impose a 25 percent tariff on steel imports this week. But some are taking a more wait-and-see approach to spot business. Following are some insightful comments from the marketplace: • “Absolutely we’re raising prices!” • “Inventory […]
Turkish steel producer Borusan Holding is considering expanding its steel pipe plant near Houston. CEO Agah Ugur made the announcement on Friday following the proposal by President Trump to increase tariffs to 25 percent on steel imports. “The U.S. tariff decision on steel imports is important for Borusan…. We are considering expanding our production facility […]