JSW Steel (USA), Inc., is seeking relief from the Section 232 tariffs on the steel slabs it must import temporarily to supply its mill in Baytown, Texas. The U.S. arm of the India-based steel producer has filed a complaint against the U.S. alleging that the Commerce Department’s denial of JSW’s request for exclusion from the […]
Rising prime steel prices are bringing some welcome relief to sellers of secondary as well, but higher prices do not necessarily translate into higher margins. Sources tell Steel Market Update that conditions in the nonprime market have improved, but remain challenging. Nonprime or secondary steel includes coils that are rejected because they fail to meet […]
Olympic Steel executives expressed positive sentiments about the company’s performance during an “unusual” second quarter despite declines in both sales and income compared with the same period last year. The Cleveland-based service center reported quarterly net sales of $429 million, 5 percent lower than in second-quarter 2018. Net income for the quarter totaled $2.1 million, […]
AK Steel’s net sales for the second quarter declined by 4 percent to about $1.68 billion due primarily to lower shipments to the slowing automotive market. Yet the steelmaker’s earnings for the quarter reached $66.8 million, an improvement from the $56.6 million in Q2 2018, though down from $72.9 million in the prior quarter. Hot rolled […]
By CRU Analyst Chris Bandmann CRU is launching weekly Turkish HR coil export prices, enhancing the existing suite of weekly Turkish long product and scrap prices. This Insight being offered for these other markets has now been brought to flats – and offers a window into the world of Turkish hot rolled coil exports. Turkey […]
The European Union has prepared a list of nearly $40 billion (€35 billion) in U.S. goods it will hit with retaliatory duties should President Trump decide to impose tariffs of 25 percent on imported cars and auto parts. EU Trade Commissioner Cecelia Malstrom said the list of targeted goods has been raised from €20 billion […]
Trade actions have imposed new and increased burdens on both U.S. Customs and Border Protection and on importers, reported the American Institute of International Steel in a July 8 blog by AIIS Customs Committee Chairman and attorney Steven W. Baker. “Importers have recently been faced with many seldom used or new and unprecedented trade remedy […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: President Trump made news this week, announcing potential changes to the Buy American Act regulations. The changes could give additional advantages in government procurement to domestically produced steel products. The Buy American Act was signed into law by […]
By Fouad Egbaria, MetalMiner Editor’s note: The following article, Chatting with CRU’s Josh Spoores Ahead of the 2019 SMU Steel Summit, originally appeared in MetalMiner’s July 18 edition. Those in the steel sector will have a chance to learn about all of the trends impacting the steel industry during the upcoming SMU Steel Summit, scheduled […]
Nucor reported a decline in earnings for the second quarter of 2019 due to lower shipments and pricing. A build-up of inventory before the Section 232 tariffs resulted in aggressive destocking at the end of 2018 and into 2019, which impacted order rates, along with an increase in domestic steel supply and a declining scrap […]
By CRU Principal Analyst Josh Spoores and CRU North America Analyst Ryan McKinley U.S. domestic scrap prices fell by $10 /l.ton m/m in the Great Lakes and Ohio Valley for most grades prior to the Independence Day holiday, but dealers the following week pushed back on the price decline, with some successfully securing little to […]
Imports of “finished” foreign steel are trending below 2 million net tons for the month of July. Overall, the trend, based on the first two weeks of license data for all products, is for a 3.2 million net ton month. SMU believes these numbers are overstated due to the opening of a new quarter and […]
SMU contributor Gaurav Chhibbar is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Gaurav’s previous role, he was a trader at Cargill spending time in […]
To stiffen his Buy American policies, President Trump signed an executive order on Monday raising the threshold for American-made steel used in federal projects from 50 percent to 95 percent. The executive order states that the Federal Acquisition Regulatory Council is to “consider proposing” within 180 days amendments to the Federal Acquisition Regulation (FAR) that […]
NLMK USA’s second-quarter sales dropped 3 percent from the previous quarter to 580,000 metric tons due to lower shipments in anticipation of further deterioration of steel prices. Flat steel prices in the U.S. went down by 6-11 percent from first to second quarter and 23-30 percent on a year-over-year basis. Pricing was impacted by steel […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Bastille Day!! On Friday afternoon, which is traditionally the time to bury inconvenient news, the White House announced that President Trump had rejected the advice of the Secretary of Commerce to impose import restrictions on uranium trade. The […]
NLMK USA is blaming Trump’s tariffs for layoffs at its Pennsylvania steel mill. Last week, 80 to 100 workers were laid off at the hot mill at NLMK’s Farrell steel plant. NLMK USA CEO and President Robert Miller called the tariffs a “failed policy.” “This is what I predicted a year ago,’’ Miller told the […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]
Total rolled product imports in June were down by 20.5 percent on a three-month moving average (3MMA) basis year over year. This follows the 27.4 percent decline in May on the same basis. This early look at June’s import volume is based on Commerce Department license data (see explanation below.) This import analysis includes all […]
The final draft of the U.S.-Mexico-Canada Agreement is not likely to be submitted to Congress until after Sept. 1, setting up possible ratification by the end of the year. U.S. Trade Representative Robert Lighthizer is waiting until House Speaker Nancy Pelosi assures him there are enough votes to pass the agreement in the House. Once […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Companies have filed thousands of requests seeking exclusions from the Trump administration’s Section 232 tariffs on steel imports, claiming the products they require are not available from domestic sources in the quantities or qualities required. The steel product […]
A new tariff on fabricated structural steel from Mexico adds another complication to U.S./Mexico relations, but is not expected to threaten ratification of the USMCA. The U.S. Department of Commerce issued a preliminary ruling in a countervailing investigation that U.S. producers are being harmed by imports of fabricated structural steel from Mexico and China. Canada […]
The U.S. is taking issue with retaliatory tariffs imposed by India in response to the Trump administration’s Section 232 tariffs on steel and aluminum. In a request for consultation with the World Trade Organization, the U.S claims that India is violating Articles 1:1 and Article II 1(a) and (b) of GATT 1994. India issued an […]
Welcome back from the Fourth of July Holiday (at least here in the United States). Steel Market Update gave our employees a couple of days off as we prepare for the next big push all the way to Atlanta and the SMU Steel Summit Conference on Aug. 26-28. A few minutes after I told those […]
The Canadian Parliament passed an act on June 21 that will amend the Customers Tariff and the Canadian International Trade Tribunal Act regarding safeguard measures. The House of Commons and Senates pushed through an amendment that temporarily repeals a two-year waiting period before government authorities can reinstate safeguard measures on the same products. Canada recently […]
Global manufacturing contracted in June with manufacturing indices falling as trade tensions and tariffs impacted business conditions. At 49.4, the J.P. Morgan Global Manufacturing PMI contracted to its lowest rate in six-and-a-half years. International trade continued to weaken with export orders falling for the tenth consecutive month. The majority of countries in the June survey […]
The Precision Metalforming Association says metalforming companies continue to be concerned about future business conditions. The May report, sampling 100 metalforming companies, shows little change in their confidence that orders and general business activity will increase. “PMA’s monthly Business Conditions Report reveals that metalforming manufacturers continue to show concern about business activity,” said PMA President […]