With the latest announcement between India and the US easing Section 232 duties, it is clear the duties, initiated in 2018, are under review. Now that five years have passed, a good amount of data has been gathered to analyze the effects of the policy. Judging from each scheduled review of the economic effects of […]
With the latest announcement between India and the US easing Section 232 duties, it is clear the duties, initiated in 2018, are under review. Now that five years have passed, a good amount of data has been gathered to analyze the effects of the policy. Judging from each scheduled review of the economic effects of the policy resulting in its continuation, it is clear that it has had a positive impact on parts of the industry. However, there are also a handful of knock-on effects that have become apparent.
US Trade Representative (USTR) Katherine Tai and a lead European Commission official met on Thursday in Brussels to discuss the Global Arrangement on Sustainable Steel and Aluminum, according to a press release from the USTR. In her meeting with EC EVP Valdis Dombrovskis, “Ambassador Tai stressed the importance of both sides generating ambitious proposals in […]
US Trade Representative (USTR) Katherine Tai and a lead European Commission official met on Thursday in Brussels to discuss the Global Arrangement on Sustainable Steel and Aluminum, according to a press release from the USTR.
The US hot-rolled coil (HRC) premium over offshore product declined this past week, as prices abroad moved up while domestic tags declined, according to SMU's latest foreign vs. domestic price analysis.
The US hot-rolled coil (HRC) premium over offshore product declined this past week, as prices abroad moved up while domestic tags declined, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside declined $20 per ton vs. the prior week, slipping to their lowest level since mid-February. Domestic prices are now down $290 […]
US Trade Representative Katherine Tai will travel to Brussels next week to continue discussions on establishing a “Global Arrangement on Sustainable Steel and Aluminum” with the European Union. Ambassador Tai will be in Belgium on July 20-21 to speak with European Commission EVP Valdis Dombrovskis. This is their second meeting in July, the USTR press […]
The US hot-rolled coil (HRC) premium over offshore product has changed little over the past few weeks, as both prices abroad and stateside have inched up in tandem recently, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside are still down $280 per ton since peaking at $1,160 per ton back in […]
US Trade Representative Katherine Tai met on Thursday in Cancun, Mexico, with Mexico’s Secretary of Economy, Raquel Buenrostro, where the two discussed confronting steel imports, among other issues. In a press release, the USTR said she spoke with Secretary Buenrostro regarding “the importance of addressing the recent surge of imports of steel and aluminum products, and […]
The US International Trade Commission (ITC) said Wednesday it is conducting a fact-finding investigation to assess the greenhouse gas (GHG) intensity of steel and aluminum made in the US. This is in response to a letter sent by US Trade Representative Katherine Tai on June 5 requesting a Section 332 investigation in the midst of ongoing […]
The United States and Indian governments have agreed to terminate six disputes at the World Trade Organization (WTO). Benefits from the settlement include opening the US to more shipments of steel and aluminum made in India, according to New Delhi. “As a part of the agreement, the US has agreed to grant market access to […]
With the US aluminum industry at a critical juncture, a new report is highlighting ways the Biden administration can use the Global Arrangement for Sustainable Steel and Aluminum (GASSA) to help the struggling domestic industry. Recall CRU’s aluminum analysts have previously shared with SMU the nightmare US aluminum smelters have been facing when it comes […]
US-EU talks on a global arrangement on carbon emissions are back in the news, and the latest is that Europe might have sunk a potential deal with the States, according to reporting from The Financial Times. If no deal is reached, Section 232 tariffs of 25% on steel from the EU could be reinstated. That […]
It’s been a wild ride in the HRC futures market since we last wrote this column. The chart below shows the CME Futures curve at our last publication at the beginning of June (yellow) and the last three weeks since Nucor’s initial price announcement (blue). A month ago, the physical market was in the doldrums. […]
US hot-rolled coil (HRC) remains at a premium to offshore product, even as recent price declines have brought domestic hot band to its lowest mark since mid-February, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside are down $285 per ton since peaking at $1,160 per ton back in mid-April, and are […]
A rare state visit by Prime Minister Narendra Modi of India culminated in a joint statement by President Biden and the prime minister last Thursday. This was a blockbuster statement, covering 58 paragraphs and resolving or narrowing differences on a host of issues. Some disputes had been festering for years. Despite pre-meeting statements advising that […]
US mills are now seeking as much as $950 per ton ($47.50 per cwt) for hot-rolled coil after the latest round of price hikes. The big question remains whether that figure will stick, “stop the bleeding,” or if it risks failing. It’s too early to provide any concrete answers to that. Our latest market survey found […]
The US and India have agreed to end six outstanding disputes at the World Trade Organization (WTO), some directly involving steel, US Trade Representative Katherine Tai said Thursday. Also, USTR Tai said that India has agreed to remove retaliatory tariffs, which it had imposed as a response to the US Section 232 national security measures […]
The US will import approximately ~50,000 metric tons of steel slab from China in June, according to license data from the US Commerce Department. The figure is notable because the US has imported no significant quantities of Chinese slab in at least the last six years, per Commerce figures. The average price was $694 per metric […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, though the US premium is at its lowest mark in nearly four months, according to SMU’s latest foreign vs. domestic price analysis. Prices for hot band stateside have eroded sharply over the past few weeks, down $115 per net ton so far in June, […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, as prices abroad have eroded at a faster pace than tags stateside, according to SMU’s latest foreign vs. domestic price analysis. While prices of both imported and domestic hot band continue to decline, domestic HRC’s declines have not been consistently as sharp as the […]
The Congressional Steel Caucus held a hearing on The State of the Steel Industry in Washington on Wednesday, June 7, where prominent steel executives and the United Steelworkers (USW) union gave testimony on issues such as international trade and sustainability. In his opening remarks, US Rep. Frank Mrvan (D.-Ind.), vice-chairman of the Caucus, stressed his […]
The US and European Union are working on an agreement dealing with carbon emissions in the steel industry. The impact on bilateral trade could be high. In 2021, the US and EU agreed that the US would suspend the 25% Section 232 tariffs on steel and aluminum, and the EU would drop its World Trade […]
Hot-rolled coil (HRC) imports remain at a discount to domestic hot band, though the US premium has declined to its lowest margin in over three months, according to SMU’s latest foreign vs. domestic price analysis. While both offshore and US product continue to decline, domestic HRC just saw its sharpest week-on-week (WoW) fall year to date, […]
Hot-rolled coil (HRC) imports remain at a discount to domestic hot band tags as both offshore and US product continue to decline at a similar rate, according to SMU’s latest foreign vs. domestic price analysis. Even as domestic tags have been on a seven-week decline, HRC imports have fallen at a comparable rate, keeping US hot […]
The US and EU affirmed their intention to reach a common framework on carbon emissions in steel and aluminum by October at the Trade and Technology Council (TTC) meeting in Luleå, Sweden, on Wednesday. At the meeting the EU and US said that via the Transatlantic Initiative for Sustainable Trade they are “strengthening engagement towards […]
The US will extend for another year an exemption for Ukrainian steel from Section 232 tariffs. “The United States has provided a much-needed market for the steel that Ukraine is able to export,” Commerce Secretary Gina Raimondo said in statement on Wednesday, May 31. “In doing so, Americans are directly supporting the people of Ukraine, […]
Swedish steelmaker SSAB is urging ambitious standards for the steel industry’s transition to green steelmaking as the EU-US Trade and Technology Council (TTC) meeting takes place in Luleå, Sweden, on May 30-31. Martin Lindqvist, president and CEO of SSAB, said that to succeed in the transition, effective frameworks, political leadership, and action are needed. “It is also […]
Foreign cold-rolled coil remains much less expensive than domestic CRC even as prices in the US fall roughly in tandem with those abroad, according to SMU’s latest check of the market. Domestic CRC was, on average, $77 per ton ($3.85 per cwt) more expensive than imported steel in the four regions we track as recently as early February. […]
Two separate developments suggest that the Biden administration may have concerns that more tariffs would damage the US economy by harming consumers. First, we saw the president suspend action to impose additional tariffs on solar cells and modules from four countries in the face of an antidumping “circumvention” proceeding. Circumvention determines whether operations in third […]