Lately there has been a great deal of news on the legal front. Readers of this column have asked a lot of questions. Today I will try to get to at least some of them. Most of the recent court decisions relate to the Section 232 tariffs, so that is a good place to start. To […]
Steel price levels are in uncharted territory these days. The current prices, especially in an economy where interest rates are near zero and inflation remains low, are truly remarkable. How did this happen and when will it end? The short answer is that nobody really knows—but we can analyze the events surrounding the spike and […]
“Life’s full of tough choices, innit?” Ursula, The Little Mermaid (1989) That memorable cinematic line brings to mind the dilemmas of trade, diplomacy and national security. Economic interests sometime interfere with military and human rights considerations. Add the COVID pandemic into the mix, which has profoundly affected international commerce. First, the changes in international trade […]
“Life’s full of tough choices, innit?” Ursula, The Little Mermaid (1989) That memorable cinematic line brings to mind the dilemmas of trade, diplomacy and national security. Economic interests sometime interfere with military and human rights considerations. Add the COVID pandemic into the mix, which has profoundly affected international commerce. First, the changes in international trade […]
An interesting feature of trade remedy law, by which I refer to as antidumping, countervailing duty, safeguards and Section 232 import “adjustments,” is alleged circumvention of these orders. Readers have asked questions about this subject, which can catch downstream users and importers unawares. Circumvention refers to processing goods that are subject to trade restrictions (duties […]
An interesting feature of trade remedy law, by which I refer to as antidumping, countervailing duty, safeguards and Section 232 import “adjustments,” is alleged circumvention of these orders. Readers have asked questions about this subject, which can catch downstream users and importers unawares. Circumvention refers to processing goods that are subject to trade restrictions (duties […]
When nations go to war, trade between them, at least in modern times, is supposed to stop. There was little complaint after Pearl Harbor, for example, about legislative and executive actions to stop all commerce between the United States on the one hand, and Germany, Italy and Japan on the other. We used to assume […]
A court decision last week highlights the limits Congress placed on presidential authority under Section 232 of the Trade Expansion Act. In PrimeSource Building Products v. United States (decided April 5), the Court of International Trade ruled that presidential Proclamation 9980 (issued Jan. 24, 2020), imposing tariffs on certain steel and aluminum “derivative products” was […]
Every so often there are ideas (but rarely new ones) to “reform” international trade laws. Mostly, the interests that have the ear of Congress (domestic producers of steel, for example, and organized labor) put forward their ideas. Less often, interests that employ more Americans in manufacturing put theirs forward. The two sides of the divide […]
Every so often there are ideas (but rarely new ones) to “reform” international trade laws. Mostly, the interests that have the ear of Congress (domestic producers of steel, for example, and organized labor) put forward their ideas. Less often, interests that employ more Americans in manufacturing put theirs forward. The two sides of the divide […]
Count me as an optimist—that events move, sporadically and inconsistently, but generally toward progress. I received a lot of messages during the past week that wondered openly whether talks between the United States and the European Union might lead to an end to the steel and aluminum tariffs that have been in effect since 2018. […]
Count me as an optimist—that events move, sporadically and inconsistently, but generally toward progress. I received a lot of messages during the past week that wondered openly whether talks between the United States and the European Union might lead to an end to the steel and aluminum tariffs that have been in effect since 2018. […]
Strong demand and tight supply pushed steel prices upwards throughout December, with hot rolled prices nearing quadruple digits as 2020 came to a close. Steel Market Update’s hot rolled price index reached $985 per ton by the end of December, up $180 per ton or 22 percent from the beginning of the month. The SMU […]
As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market Update. One of the very first things you will notice is that our newsletters will have more relevant content in them. This is due to the addition of Michael Cowden who joins us after spending 13 years with […]
John Packard, President & CEO of Steel Market Update discusses changes being made at the company, events on the books for 2021, and the status of the flat rolled and plate steel markets – including steel price commentary: As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market […]
Updated preliminary data now shows November steel imports at 1.37 million net tons, down 9 percent from October levels, but up 9 percent over September. Recall that total steel imports in September had reached an 11-year low of 1.26 million tons. December import licenses are currently at the 1.44 million ton level, but will continue […]
Looking back at the past year, 2020 was not the disaster many in the steel industry had feared. And looking ahead, 2021 appears even more promising, say OEM and service center executives polled by Steel Market Update last week. Despite an economy that struggled with the COVID pandemic, as well as civil unrest and an […]
The U.S. dollar weakened against 15 of the 16 steel and raw materials trading nation currencies in both the last 30 and 90 days. The biggest changes in the last 90 days were in the value of the South African rand, up 12.2 percent, the Korean won and the Mexican peso, both up by 6.0 […]
Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison shows that, with U.S. HRC prices nearing $1,000 per ton, foreign imports theoretically have become cheaper than domestic steel prices. U.S. producers have lost their price advantage over HRC imports from Far East Asia by over $100 per ton, and imports from Germany […]
By CRU Analyst Estelle Trans, from CRU’s Global Steel Trade Service U.S. buyers have been watching sheet steel prices skyrocket and found themselves weighing high-priced imports out of necessity. The steel market remains supply short, even with the restart of U.S. Steel Gary No. 4 this month, and market contacts expect that the market will […]
By CRU Principal Analyst Chris Asgill, from CRU’s Global Steel Trade Service Scrap prices have surged over the past month, with import prices up $50-90 /t m/m. Turkish prices have gained the most significant ground, though were below Asian prices a month ago. At the time of our assessment last week Turkish prices were approaching $400 /t […]
Steel Market Update is pleased to share the following Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen, from CRU’s Global Economic Outlook As the curtain falls on 2020, this overview looks back on the year […]
By CRU Principal Analyst Chris Asgill, from CRU’s Steelmaking Raw Materials Monitor Russia will impose tariffs of 5% ferrous scrap exports, with a minimum rate of €45 /t ($55 /t), for a period of six months. The country states that these are to protect the domestic metallurgical industry from supply shortages and high prices. As shown […]
By CRU Analyst Sam Grant It is now clear that Joe Biden will become the new president of the United States in January 2021, yet he will need control of the Senate to implement his economic policy agenda. As a result, the contest for two Senate seats in Georgia on Jan. 5 will be crucial. […]
After reaching bottom in June, due largely to the global pandemic, mill shipments and supply of sheet products have since maintained a slow but steady upward trajectory. This analysis is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export data from the U.S. Department of Commerce. The analysis […]
With hot rolled steel fast approaching $1,000 a ton, it’s only a matter of time before prices begin to cut into demand. Some SMU sources already report early signs of a demand shift. Others are less concerned about the volume of orders than about where they will get the steel to fill them if supplies […]
Commerce released final steel import data this week showing October imports totaling 1.51 million net tons, up 20 percent over the month prior. Although imports increased for the month, recall that September imports had fallen to an 11-year low or 1.26 million tons. November import licenses are currently at the 1.40 million ton level, but […]
Steel supplies are so tight these days that $1,000 hot rolled is not out of the question. Which makes predictions of a coming “Steelmageddon” seem that much harder to believe. In fact, 60 percent of the service center and manufacturing executives who responded to Steel Market Update’s questionnaire this week do not view Steelmageddon as […]
The Commerce Department released a number of findings in antidumping and countervailing investigations this week. Of particular note were decisions on seamless pipe and steel wire strand. Commerce announced affirmative preliminary determinations in the countervailing duty investigations of seamless carbon and alloy steel standard, line, and pressure pipe from Russia and South Korea. Subsidy rates […]
Iron ore surged in early-December as Vale’s lowered guidance fueled concerns about iron ore availability going into 2021. Short-term market tightness also contributed to the rise as Chinese demand remained strong, while seaborne supply has continued to struggle. On Tuesday, Dec. 8, CRU assessed the 62% Fe fines price at $147.0 /dmt, an increase of $15.5 /dmt […]