President Donald Trump has promised an “overhaul” of the US trade system, and in short order the unveiling of an “America First Trade Policy.” “I will immediately begin the overhaul of our trade system to protect American workers and families,” Trump declared in his inaugural address on Monday, Jan. 20. “Instead of taxing our […]
The price spread between US-produced cold-rolled (CR) coil and offshore products tightened in the week ended Jan. 17. Domestic CR coil tags were lower week on week (w/w), while offshore products ticked higher. The result? The US premium over imports shrank. In our market check on Tuesday, Jan. 14, US CR coil prices averaged $895 […]
EU restrictions on Russia, Canadian tariffs, scrap leakage and more
Many people have shaken off the post-holiday blues. But for primary aluminum operators, “power blues” are enduring.
I wrote in a Final Thoughts a few years ago that it seemed all the swans were black. More recently, I’ve been asked by some of you what the wildcards are for 2025. You could probably make the case that all the cards are wild now.
The amount of steel exiting the country continued to decline through November, falling to an 11-month low, according to the latest US Department of Commerce data. This is the third month in a row that steel exports have eased and the second-lowest monthly rate recorded in almost two years.
Domestic steel imports fell 14% from October to November to a one-year low of 2.07 million short tons (st), according to final US Commerce Department data. While steel trade has declined from early-2024 highs, November imports are slightly higher than volumes seen one year prior.
This CRU Insight discusses a few key topics our clients have been asking about as 2024 comes to a close and 2025 begins. This piece introduces these topics briefly now before we discuss them in more detail in a webinar in January 2025. In previous years, we have published a year-end Insight on our ‘Top […]
“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.
With just over a month to go until Inauguration Day on Jan. 20, President-elect Donald Trump has already signaled some of his policy choices that will affect the steel industry.
Monthly imports have remained within a relatively narrow range since June, significantly lower than volumes seen earlier this year, but stronger than late-2023 levels.
Vedoya said the proposed tariffs are "an irrational measure that would harm both their own industry and ours."
Transition to a new administration is always uncertain. This one is more uncertain than most.
The BRICS countries of Brazil, Russia, India, and China, and South Africa met last month, along with several other associated nations. Among the topics discussed was the potential establishment of an alternative world currency to compete with the US dollar.
President-elect Donald Trump announced that Peter Navarro will serve as his senior counselor for trade and manufacturing.
“We are under constant threat from nonmarket economies who evade our trade laws," SMA said.
American and Canadian steel trade groups, as well as the government of Mexico, have responded to President-elect Trump's threat of imposing 25% tariffs on all US imports from Canada and Mexico and a 10% tariff on imports from China.
Are you still recovering from the election? If so, please get plenty of rest. Next year will require you to be awake and alert. Things are likely to change. We can’t be sure exactly how they will change yet.
The OECD Steel Committee convened its 96th session last week in Paris, along with the Global Forum on Steel Excess Capacity. The event brought together 250 government and industry delegates from 40 of the largest steel-producing countries. The Committee’s discussions and presentations were clear: Steel markets worldwide are in dire straits.
After a frenzied election cycle, Donald Trump will return to the White House with an amplified trade agenda.
September steel imports were 10% less than August levels, marking the lowest monthly import rate seen this year
Last week’s Community Chat with international trade attorney and regular SMU columnist Lewis Leibowitz was packed full of valuable perspectives on trade topics near and dear to the steel industry.
The Global Forum on Steel Excess Capacity (GFSEC) reaffirmed on Oct. 8 what domestic steel producers have long known—the threat of excess steel capacity never disappeared and is evolving. China’s steelmakers are boosting capacity and exports, echoing the 2016 global steel crisis. There is no doubt that China is successfully weaponizing excess capacity across many industries, and the fatal damage to domestic production and national security undermines the interests of all market-oriented countries. The question now is: How will GFSEC countries respond?
China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.
Another day, another massive gap between the news and market sentiment. On the news side, we’ve got war in the Middle East. The devastation facing western North Carolina coming into tragic focus. And the outcome of the presidential election remains a coin toss, according to current polling.
All eyes are on the coastwide longshoremen's strike, with many scrambling to assess the situation and understand its implications for their businesses and the economy.
The International Longshoremen’s Association (ILA) launched a strike just after midnight on Tuesday at East Coast and Gulf Coast ports. The work stoppage spans from New England to New Orleans. It came after a last-ditch offer by the United States Maritime Alliance (USMX), which represents maritime employers, failed to meet union demands.
US hot-rolled (HR) coil prices inched up again this past week but remain just a touch more expensive than offshore material on a landed basis.
A potential labor strike is threatening to disrupt supply chains up and down the Atlantic and Gulf Coasts beginning next week.
Continued highly competitive steel exports from China, amid weakening global demand, have triggered a wave of trade protectionism across major markets.