Final Thoughts

April 12, 2017

First, a reminder that Friday is Good Friday and Sunday is Easter Sunday. Our office will be open for part of Good Friday since I have been traveling extensively and I have a need to catch up. Sunday is a holiday and we will not publish an issue on Sunday evening. The next time we will publish will be Tuesday, April 18th.

We will begin our next flat rolled steel market trends survey next Monday. If you would like to be added as a data provider please send me an email: John@SteelMarketUpdate.com.

I saw an article from Joe Innace of Platts. He quoted a number of industry associations and steel executives (such as Dan DiMicco) who are extremely disappointed in the reversal Trump just made on China and currency manipulation. Looks like some of Trump’s core steel support may be getting anxious. Innace quoted DiMicco, “Yuan leaps against dollar after Trump’s currency back flip … Still undervalued by 40-50%. Spit in ocean,” tweeted Dan DiMicco, former Nucor CEO. Steel executives — and many others in the US manufacturing sector — contend China is manipulating its currency to artificially cut the prices of its exported goods. DiMicco, a Trump supporter and adviser on trade matters, later retweeted a comment from former congressman and current radio host Joe Walsh: “Yesterday, Trump changed his mind on: NATO, China, Yellen, Interest rates, Ex-Im Bank, The debt, His lobbying ban, The military. 1 day. Just sayin.”

If the steel people start leaving maybe the President does something to get their attention? Section 201 maybe?

Enjoy the long weekend (if you have one).

As always, your business is truly appreciated by all of us at Steel Market Update.

John Packard, Publisher