By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. steel service center inventories continue to remain low in terms of material in stock, as many buyers reported that they cannot secure all the sheet steel they require. Steel Market Update, which is owned by CRU, reported service centers carried 51.3 shipping […]
After communicating with one of our readers over the weekend, I realize it is important for our readers, and those who interact with our website, to understand what the SMU Price Momentum Indicator means. The SMU Price Momentum Indicator definition on our website clearly states that this is meant to be a visual showing where […]
NLMK USA and striking workers at its operations in western Pennsylvania appear no closer to a labor accord than they were more than four months ago. And the two sides remain at loggerheads despite near-record hot-rolled coil prices and despite slab being available following the reset of the Section 232 quota on Brazilian semi-finished goods. […]
U.S. steel producers are worried that a change to the Section 232 exclusion process could gut the Trump administration’s signature trade act. The focus of concern: The Commerce Department’s potential adoption of “General Approved Exclusions” (GAEs) into the Section 232 exemption process. “If permitted to stand, the GAEs will effectively eliminate Section 232 tariffs on […]
Brazil’s annual Section 232 slab quota has reset, a move that is likely to at least partially relieve a supply squeeze that has sent U.S. sheet prices to their highest point in more than 12 years. Brazil’s Section 232 slab quota for 2021 is approximately 3.86 million tons, according to information from U.S. Customs and […]
Brazil’s annual Section 232 slab quota has reset, a move that is likely to at least partially relieve a supply squeeze that has sent U.S. sheet prices to their highest point in more than 12 years. Brazil’s Section 232 slab quota for 2021 is approximately 3.86 million tons, according to information from U.S. Customs and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As the nation (and the world) prepares for the inauguration of Joe Biden as the new president, many groups are releasing position papers telling the new administration what it should do about trade-related issues. They run the gamut from […]
Can we measure the relative importance of steel-producing versus steel-consuming industries? Last week, I looked at some ways to measure the steel industry’s importance to the economy and national defense today and in the past. Today, I explore another major point of comparison—the economic and strategic importance of steel production and steel-consuming industries economically and […]
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 […]
Eyes often glaze over when trade lawyers talk about the intricacies of antidumping law to what lawyers sometimes patronizingly call “laymen.” With a clear understanding of that risk, today’s piece dives into a recent decision by the Court of International Trade dealing with the Commerce Department’s treatment of Section 232 duties on steel in antidumping […]
Last Thursday, policy wonks observed the confirmation hearing of Katherine Tai to be the new United States Trade Representative, replacing Robert Lighthizer. When a new administration takes over, the previous leadership departs at noon on Jan. 20 and “acting” leadership assumes authority, but generally not much power. The new team is nominated, typically on Jan. […]
Last Thursday, policy wonks observed the confirmation hearing of Katherine Tai to be the new United States Trade Representative, replacing Robert Lighthizer. When a new administration takes over, the previous leadership departs at noon on Jan. 20 and “acting” leadership assumes authority, but generally not much power. The new team is nominated, typically on Jan. […]
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 […]
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 […]
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. […]
Two phenomena that we have not seen in a long time have recently appeared. Whether they are short-term events or long-term realities is provoking debate. I am speaking of the distinct but related issues of inflation and shortages of, it seems, nearly everything. Inflation was a major factor in the U.S. economy throughout the 1970s. […]
President-elect Joe Biden will hit the ground running due to his past experience in Washington and the depth of experience of his Cabinet choices, said Omar Nashashibi, founding partner of the Franklin Partnership, during a FABTECH webinar last week. Expect to see a flurry of executive orders and memorandums from the new executive office regarding […]
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 […]
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 […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 20.2% m/m in December to 275.2. This large increase was driven by a rapid acceleration in global finished steel pricing. Even with this large m/m increase for December, we again expect metallics prices to rise in […]
Panelists in a webinar presented by the Alliance for American Manufacturing on Wednesday said an infrastructure bill and sensible trade policy should be top priorities for the new administration. Entitled “How Can President-Elect Joe Biden Build Back Better,” panel members discussed what the Biden administration will need to do to rebuild the economy. Rep. John Garamendi (D-CA) […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. During the […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. The CME […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. This charts […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. So far […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The transition to a new administration is now strongly under way. Tomorrow, the president-elect is set to name additional members of his economic team, including the roster of international trade officials. The time for speculation is over since […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As the 2020 election approaches its final chapters, the legal system has been front-page news. No less important is the rule of law in international trade matters. The Trump campaign and its allies have approached the courts to […]