Both current and future sentiment among flat rolled steel buyers saw a small but positive bump in the past two weeks, perhaps reflecting the announcements and uncertainty from the Trump administration on the steel tariffs that went into effect on March 23. In general, buyers’ attitudes have bounced up and down within a small range […]
President Trump signed a memorandum Thursday directing the U.S. Trade Representative to recommend tariffs on $50 billion to $60 billion of Chinese goods. In addition to the tariffs, the United States also plans to restrict Chinese invesment in the U.S. and to take action against China at the World Trade Organization, according to press reports. […]
As importers rush to get steel into the United States, unloaded and customs released prior to the March 23 tariff deadline (tomorrow), the trend for March is for imports to exceed 3 million net tons. This would be a big month considering the tapering off we saw in January and February. With the deadline for […]
The market is waiting anxiously to see how the Trump administration’s Section 232 tariff will affect steel imports, and in turn steel prices. The 25 percent tariff takes effect on Friday. If Steel Market Update’s latest sample of reader opinion is any indication, the volume of imports into the United States may not moderate as […]
Washington attorney Lewis Leibowitz offers the following trade update: Several countries have arrived in Washington seeking exemption from the Section 232 steel and aluminum tariffs. The Trump administration surprised the market with its announcement Thursday that five other nations will join Canada and Mexico on the list of those exempt from the tariffs: the European […]
A survey by the Precision Metalforming Association prior to the Section 232 announcement showed metalforming manufacturing companies expecting little change in business conditions and steady orders for the next three months. PMA President Roy Hardy, however, said the ensuing decision to impose tariffs will raise steel prices, impacting customers’ sourcing and harming the domestic metalforming […]
WOW! What a day. I don’t know if anyone has the ability to accurately calculate the value of a piece of steel based on what has been happening since President Trump all of a sudden announced Section 232 tariffs while answering a reporter’s question. With the announcement of more countries being excluded from the tariffs, […]
Flat rolled steel prices continue to March higher and are expected to continue to do so for weeks, if not months, due to the Section 232 tariffs on foreign steel and the tightening of supply. Most domestic steel mills are operating on an inquire or controlled order entry basis. Mills like California Steel and NLMK […]
Trade attorney Lewis Leibowitz has been sharing information with Steel Market Update about the exclusion request process for both steel and aluminum. We will endeavor to provide as much information as possible to our readers as you determine whether to file for exclusions on your products or move to non-affected steel suppliers. Below is a […]
Trade attorney Lewis Leibowitz has been sharing information with Steel Market Update about the exclusion request process for both steel and aluminum. We will endeavor to provide as much information as possible to our readers as you determine whether to file for exclusions on your products or move to non-affected steel suppliers. Below is a […]
Steel supply and pricing were the main topics discussed during the March 20 Heating, Air-conditioning, and Refrigeration Distributors International (HARDI) conference call. The Section 232 tariff on steel will go into effect on Friday, March 23, but HARDI members are already seeing an impact in the market. Steel prices are up $6/cwt since the last […]
The following article was written by trade attorney Lewis Leibowitz. You can find his contact information at the end of the article: John Packard asked me to respond to questions from SMU readers about the new procedures for requesting steel product exclusions from the tariffs scheduled to go into effect at midnight Friday morning. The […]
Cryptocurrency policy took a backseat to global trade at the start of the 2018 G20 Summit. Officials gathered in Buenos Aires warned that U.S. protectionist policies may threaten global economic growth. “The first risk is the risk of inward looking policies and protectionism,” said European Commissioner for Economic and Financial Affairs Pierre Moscovici on Monday. […]
SMU is receiving many requests for information and help regarding Section 232 exclusions and how to complete the process. We are attempting to assist when and where possible. Trade attorney Lewis Leibowitz is being very helpful when he has time. If you have specific legal issues that are outside of the scope of what we […]
Steel Market Update had detailed discussions with two steel trading companies on Friday as we try to understand how Section 232 is going to impact their businesses and their customers. Here is what we learned. Trading Company No. 1 “This is a great time to trade steel,” is how the conversation began with the first […]
We saw another surge in flat rolled and plate steel prices last week as steel buyers deal with closed order books, allocation and uncertainty. With the Section 232 tariffs set to go into effect on Friday of this week (March 23) buyers are scrambling to make sure they are covered. This has allowed the steel […]
Details on how to request an exclusion from the Trump administration tariffs on steel and aluminum will be published in the Federal Register tomorrow. We received a copy of the exclusion procedure and some comments from trade attorney Lewis E. Leibowitz. President Trump, using his authority under Section 232 of the Trade Expansion Act of […]
China and German have agreed to work together to find solutions for steel overcapacity within the framework of the G20 group of nations. In a phone call on Saturday, German Chancellor Angela Merkel and Chinese President Xi Jingping discussed the importance of multilateral cooperation in global trade and the need for the two countries to […]
SMU will begin our next flat rolled and plate steel market trends analysis beginning at 8 AM ET tomorrow morning (Monday). Please check your inbox (or SPAM filter) for our invitation to participate in the mid-March process. If you would like to be included in this or future surveys, please send an email to info@SteelMarketUpdate.com. […]
The competitive position of steel and steel products has improved in the last few months, according to Bureau of Labor Statistics (BLS) data. In the past, we have reported the producer price indexes of steel and some competing products on a quarterly basis. This month, we have revamped and expanded our report to provide subscribers […]
The following analysis of the number of months of supply being held by flat rolled steel distributors is intended for SMU Premium level members. We are sharing this report with all of our readers during the first year of the index, after which it will be available for Premium members only. Shortly after the month […]
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 […]
The European steel association EUROFER urged EU policymakers, member states and industry stakeholders to show solidarity against the U.S. tariffs on steel and aluminum. U.S. tariffs are the wrong approach to dealing with the global overcapacity problem in steel, said EUROFER President Geert Van Poelvoorde at a press conference earlier this week. “We are facing […]
Much has been made of the damage the Section 232 actions may have on the economy and individual firms, but little has been said about how to mitigate costs and manage risks from the tariffs. Donald Bly, Associate Partner at Applied Value, LLC, a New York management consulting and investment group, offers some strategies on […]
I went out and looked around to see what I could find regarding foreign steel offers into the U.S. market. I did learn that the Mexican mills are offering to some of their core U.S. customers, but they do not have a lot of steel to sell. The pricing on hot rolled is being referenced […]
Flat rolled sheet prices, as well as plate prices, surged this week as steel mills moved to allocation or totally withdraw from the market pending further examination of the Section 232 ruling and how it will impact each mill’s ability to produce sheet and plate products. SMU is hearing of offers on hot rolled as […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 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 a […]
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 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 […]
Thirty-five states and the District of Columbia added construction jobs between January 2017 and January 2018, according to an analysis of Department of Labor data by the Associated General Contractors of America. “It is noteworthy that the three states with the largest job gains were all recovering from natural disasters, in addition to having generally […]