Tag: trade

Increased protectionism is expected to continue to drive up steel prices in the US and Europe.

Hot-rolled (HR) coil prices continued to rally in the US this week, quickly outpacing price gains seen abroad. The result: US hot band prices have grown widely more expensive than imports on a landed basis. The premium US HR tags carry over HR prices abroad now stands at a 14-month high. SMU’s average domestic HR […]

Do we want the benefits of the Section 232 tariffs to flow to the bottom lines of foreign steel and aluminum producers or to the US government and, ultimately, domestic manufacturers and their workers? In our view, the answer is simple. Section 232 exceptions do nothing more than lead to underserved profits for foreign manufacturers who are harming the US industrial base. That revenue could be used to pursue the Trump administration’s other policy priorities - such as deficit reduction or expanded tax cuts.

President Donald Trump said last week that he could place tariffs on auto imports, according to an article in Politico.

With a chronic trade deficit, the administration will continue to cite more tariffs as necessary. This is in error, as noted above. Yet the base of President Trump’s support does not see it that way. More tariffs are possible. But the only way to reduce the US trade deficit substantially is to close the gap between savings and investment in the United States.

December 2024 marks the fourth month in a row that steel exports have declined, now at the lowest monthly rate recorded since December 2022.

Following the one-year low recorded in November, steel imports rose by 3% in December to 2.14 million short tons (st) according to final US Commerce Department data. January could be the highest month for steel imports witnessed in nearly three years.

The day-to-day bustle of these announcements should not obscure what they signal for other potential tariff measures in the near term and a revamped trade and economic policy in the long term. 

The Commerce Department on Tuesday issued preliminary subsidy rates in the corrosion-resistant steel (CORE) trade case. The agency set minimal countervailing duty (CVD) rates for Brazil and Mexico, mostly high rates for Vietnam, and low rates for Canada, except for one privately held distributor. Commerce assigned that company, Nova Steel, and a handful of Vietnamese […]

Mexican steel trade association Canacero said US steel exports represent “a threat to the Mexican steel industry.” Canacero also backed retaliatory measures if President Trump enacts 25% tariffs on Mexico by Feb. 1.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

The Trump administration has backed off tariffs on Colombia after the White House said the leader of the Latin American nation agreed to President Trump’s demands. “The Government of Colombia has agreed to President Trump’s terms, including the unrestricted acceptance of illegal aliens from Colombia returned from the United States… without limitation or delay,” according […]

The American Iron and Steel Institute (AISI) has reached out to the Trump administration, as well as some members of Congress, to present a blueprint of issues that are top of mind for steel producers. “2025 presents an opportunity for the new administration and Congress to take a holistic look at the key issues impacting […]

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.