The US Department of Commerce said on Thursday that it would no longer consider Russia a market economy in antidumping cases. The move could allow for higher duties on Russian imports in trade cases going forward. An analysis done by third parties for Commerce found that Russia’s government has had considerable involvement in its economy, […]
The news about AD/CVD orders being removed from Brazil on Friday was notable in that it bucked, in a small way, the trend toward regionalism and protectionism that we’ve seen growing since at least 2014. I noted in my initial writeup – as did Lewis Leibowitz in his deeper dive – that the market impact […]
Antidumping and countervailing duty actions (also known as trade cases) have been a mainstay for protecting American industries from foreign competition. Many lawyers and economic consultants (I am among them) have made their living litigating these cases at Commerce Department, the US International Trade Commission, and the courts. More than 660 products are currently subject […]
US Steel is trying to keep a stiff upper lip despite lower flat-rolled steel selling prices, continued supply chain problems, and an uneven economic outlook. “Let’s face it. There’s a lot of uncertainty. Some people say more uncertainty than ever before,” company president and CEO David Burritt said. “I’m not so sure that’s true. But […]
The US Department of Commerce has made affirmative preliminary determinations in the trade case investigating the dumping of OCTG by Argentina, Mexico, and Russia. High dumping margins were set for most producers and exporters from the three countries, which could slow down OCTG imports further in an already undersupplied market. Critical circumstances were found to […]
The US Commerce Department has decided to continue anti-dumping duties on cut-to-length plate from a dozen nations. It has also determined that countervailing duties – more than 250% – on plate from China should remain in place. The Sun Doesn’t Set on Steel Duties Those decisions follow an expedited “sunset” review that began on December […]
SMU’s latest prices are out, and hot-rolled coil is down by $55 per ton while galvanized prices are down a comparatively modest $25 per ton. That’s been the trend for a while now – that galvanized prices have been “stickier” than hot-rolled coil prices on the way down. I wrote last week in Final Thoughts […]
Steel Buyers Sentiment, as measured by Steel Market Update, has not reacted much to declining steel prices. Perhaps because prices remain well above historical averages even after big declines – more than 18% when it comes to hot-rolled coil – over the past three months. Indeed, 2021 was a record year for many companies, leaving […]
The Commerce Department has declined to initiate a duty-circumvention case filed by Steel Dynamics Inc. (SDI) against Vietnamese coated flat-rolled steel made from Japanese substrate The decision came on the heels of opposition from big foreign mills, major steel importers and exporters, as well as lobbying groups in Japan and Vietnam. “Commerce finds that SDI did […]
Steel prices fell hard again this week. While the absolute numbers – down $60 per ton ($3 per cwt) on hot-rolled coil – might appear shocking at first glance, one could make the case that we’re being conservative. The development shouldn’t have come as a surprise to those who lived through past ups and downs. […]
The American Iron and Steel Institute (AISI) praised a new bipartisan bill designed to crack down on trade cheating and enhance the tools available to combat repeat offenders of U.S. trade remedy laws. The “Eliminating Global Market Distortions to Protect American Jobs Act of 2021” – also referred to as “The Level the Playing Field Act 2.0” – […]
Despite all the uncertainty over the economy and steel prices as the year nears an end, sentiment among steel buyers remains extremely optimistic versus historical levels, as measured by Steel Market Update. But this week’s check of the market saw a small decline to the lowest sentiment reading since July. SMU surveys buyers every two […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
By Philip Bell, President, Steel Manufacturers Association Editor’s note: Phil Bell and SMA are now periodic contributors to Steel Market Update. Look for Phil’s insights on steel and events in Washington in future issues of SMU. The U.S. and EU want to resolve the Section 232 steel tariff issue by Nov. 1. This is an […]
The first rule of predicting steel prices in 2021 is you don’t predict steel prices. I broke that rule last month when I called a peak. I still think I was right about that. But timing is everything. And when exactly we hit that peak remains a matter of debate. Some market participants think we’re […]
Former President Donald Trump acted within the law when he doubled Section 232 tariffs on Turkey from 25% to 50% in August 2018, a federal appeals court said. The decision by the U.S. Court of Appeals for the Federal Circuit upends a prior decision by a lower court – namely, by the U.S. Court of […]
Steel prices will correct sharply as supply catches up with demand, potentially falling back to an average of $575 per ton ($28.75 per cwt) in 2022, according to one leading industry analyst. “This too will pass,” was the title chosen by Timna Tanners, metals and mining analyst at Bank of America, for her SMU Community […]
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 […]
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 […]
By CRU Analyst Estelle Tran, from CRU’s Global Steel Trade Service The U.S. market is at a unique point where steel buyers could be convinced to buy imports because of extreme supply tightness. With about 7Mt of blast furnace capacity remaining idled in the U.S. and Canada, sheet mills in operation are effectively running at […]
By CRU Analyst Estelle Tran, from CRU’s Global Steel Trade Service The spike in sheet purchasing activity pushed prices up $200 /s.ton over the last two months and mill lead times for HR coil over six weeks. Steel Market Update, which is owned by CRU, also reported CR and HDG coil lead times in the […]
With a presidential election on the horizon, the AIST Town Hall Forum asked steel executives how a new administration may affect the steel industry and trade. “I continue to expect bipartisan support in Washington for American workers, American steelmaking, regardless of who is in the White House,” said U.S. Steel CEO Dave Burritt. “But I […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The nation and the world saw a greater than normal number of presidential announcements in the past week. I debated Philip Bell, the president of the Steel Manufacturers Association, on issues related to Section 232 at the SMU […]
Two out of three steel buyers polled by Steel Market Update believe the coronavirus has permanently changed the way they do business. Sixty-five percent of the respondents to SMU’s questionnaire last week expect less travel and more working from home to become common practice, among other changes. Following are some of their comments: “There will […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As a participant of long standing in the saga of international trade cases, I can say that this week was particularly interesting. First, the U.S. International Trade Commission did something unusual—last Tuesday, it made a final negative determination […]
On Thursday I provided some of the feedback I was getting from those involved in both the sales and purchasing of flat rolled steel into the North American markets. The comments continued to flow in and here are a couple more that I found interesting: The general manager of a service center provided these insights […]
Steel Dynamics reported record steel shipments of 10.8 million tons and net sales of $10.5 billion in 2019 for the company’s second-best sales performance. Steel fabrication also set a yearly record with shipments of 644,000 tons, and almost doubled its operating income from 2018. Sales declined 11 percent to $11.5 billion from the record high […]
Commercial Metals Company is looking forward to a steady construction market in 2020 for its merchant bar and rebar products. “We are positioned to continue benefiting from the positive trends in our core markets and remain optimistic about the construction market, as many of the macro indicators we monitor point to resilience ahead,” said President […]
Commercial Metals Company is enjoying the rewards of its purchase of four rebar mills and 33 fabrication facilities from Gerdau. The acquisition added 2.5 million tons of rolling capacity and increased fabrication capacity by almost 50 percent. “The systems integration was flawless and got completed in less than four months, well ahead of schedule,” said […]