Tag: Section 232

Cold-rolled (CR) coil prices continued to tick lower in the US this week, with a similar trend seen in offshore markets.

Chinese steel export prices are expected to rise and support prices across most of Asia in the coming month. In Europe, buyers are likely to frontload import orders ahead of CBAM imposition, while new trade agreements are likely to emerge in the US. Steel prices in the APAC are expected to rise, except in India […]

Stateside prices continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.

SMU’s Steel Buyers’ Sentiment Indices moved in opposite directions this week. After rebounding from a near five-year low in late June, Current Sentiment slipped again. At the same time, Future Sentiment climbed to a four-month high. Both indices continue to show optimism among buyers about their company’s chances for success, but suggest there is less confidence in that optimism than earlier in the year.

The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.

Hot-rolled (HR) coil prices in the US ticked down this week but have fluctuated little over the past month. Stateside tags continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.

President Donald Trump on Wednesday said he would increase the “reciprocal” tariff on imports from Brazil to 50% effective Aug. 1. That could have big implications for pig iron.

David Schollaert presents this week's analysis of hot-rolled coil prices, foreign vs. domestic.

Maybe some of this uncertainty will get ironed out ahead of Liberation Day tariffs resetting higher rates on July 9. But if I had to place a wager, it would be on more drama and last-minute brinksmanship - whether it comes to the Liberation Day tariffs or the various Section 232s that are in the works.

After a hot start to June, the CME ferrous derivatives complex has cooled down.

Could the US and Mexico end up with a tariff-rate quota system?

SMU’s Mill Order Index (MOI) declined for a third straight month in May, but only marginally.

“Economically, the business case for products made in the us has become a lot more attractive," the CEO told Fox Business.

US cold-rolled (CR) coil prices continued to tick higher this week, while offshore markets were mixed.

Your highlights on the week in trade developments, price increases, scrap news, and more.

US hot-rolled coil prices crept up again this week but still trail imports from Europe.

Trade talks are progressing between the US and the market is contemplating the future of Section 232 tariffs.

Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.

Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK. 

US cold-rolled (CR) coil prices edged up again this week, and most offshore markets moved in the opposite direction. But the diverging price moves stateside vs. abroad did little to impact pricing trends. The bigger impact was from Section 232, which were doubled to 50% as of June 3. The higher tariffs have resulted in […]

In short, when tariffs go up, jobs in consuming industries go down. There is conclusive evidence from past actions: safeguard tariffs in 2002 and Section 232 tariffs in 2018. It is happening again in 2025. The Trump administration wants foreign producers (and US retailers) to absorb tariff increases (except in antidumping cases, where foreign absorption of tariffs is illegal).

Hashing out duty costs

If you’re feeling a sudden jerk and a case of tariff whiplash coming on, you’re not alone.

More developments with USS-Nippon. A look at whether imports will be needed. The latest prices. And more.

Steel equities and steel futures fell hard after news broke earlier this week that the US and Mexico might reach an agreement that would result in the 50% Section 232 tariff coming off Mexican steel. The sharp declines didn’t make much sense, especially if, as some reports indicate, Mexico might agree to a fixed quota. They didn't make sense even if steel flows between the US and Mexico remain unchanged.

Domestic hot-rolled (HR) coil prices edged up marginally again this week, while offshore prices ticked down.

Even before the news about Mexico, I didn’t want to overstate the magnitude of the change in momentum. As far as we could tell, there hadn’t been a frenzy of new ordering following President Trump’s announcement of 50% Section 232 tariffs. But higher tariffs had unquestionably raised prices for imports, which typically provide the floor for domestic pricing. We’d heard, for example, that prices below $800 per short ton for hot-rolled (HR) coil were gone from the domestic market – even for larger buyers.

Domestic hot-rolled coil prices edged up marginally this week, while offshore prices ticked down.

Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, June 11, at 11 am ET. It’s free to attend.

This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.