Final Thoughts
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Final Thoughts
Written by John Packard
June 24, 2016
We were a little surprised on Friday when the International Trade Commission (ITC) announced they had reached a unanimous decision on the CORE (corrosion resistant) trade case. This one is important because the first ITC ruling on cold rolled from Japan and China was a slam dunk. Neither country chose to defend themselves and basically gave in to the US Department of Commerce/ITC.
With the CORE case there were challenges by most of the named countries, yet all of the commissioners were able to use the new injury guidelines and find that the U.S. steel industry was indeed being injured by the foreign steel mills. We should expect similar results on the remaining cold rolled and hot rolled suits in the coming weeks.
From our Asian trading source: the most recent hot rolled sale out of China (late last week) was at $375 per metric ton, FOB ST, LSD with freight of $15/MT on CNF Liner Out basis ($340 per net ton). Billets as of Friday (alloy steel bars…) were being sold at $280 per metric ton, ST LSD out of China. CIS prices for billet on Friday was $300-$310/MT FOB Black Sea ports.
We are in the process of increasing our room block for the 2016 Steel Summit Conference. Registrations have been running significantly higher than last year. We intend to begin publishing what companies have registered by the end of this week. You can register on our website: www.SteelMarketUpdate.com or through our office at 800-432-3475. If you would like us to send you an invoice please provide us the names and email addresses for those you wish to register and to whom the invoice is to be sent. Send the information to: info@SteelMarketUpdate.com.
Also note we have a couple of sponsorship opportunities left and a couple of exhibition spaces. You can find information on our website. If you have any questions please contact us at info@SteelMarketUpdate.com.
As always your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
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John Packard
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Final thoughts
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
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Final thoughts
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
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Final thoughts
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
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Final thoughts
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
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Final thoughts
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!