Final Thoughts
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Final Thoughts
Written by John Packard
May 1, 2017
The domestic steel mills did not cancel scrap orders for April delivery that had not yet arrived. This is a sign that the steel mills believe prices will be sideways to slightly higher for May delivery than what they negotiated for April. All is quiet as the steel mills and their scrap suppliers jockey for position. Last night we were advised to watch prime grades of scrap in Canada and the Ohio/Detroit markets due to the outage at the EAF at ArcelorMittal Dofasco and the planned maintenance on the “B2” furnace at USS Great Lakes. When I discussed this with a couple of my scrap sources in the area they told me these were “non-issues” as the EAF will be back in service within the next couple of days and the Delta mill was a bigger factor for scrap prices in the Detroit market. We do expect to have some information on May ferrous scrap prices on Thursday and we will advise at that time.
The U.S. Department of Commerce initiated a dumping suit against steel tool boxes from China and Vietnam. Companies who manufacturer products overseas need to be aware that it only takes one company (or the DOC itself to “self-initiate”) to file a dumping suit to create all kinds of problems for your company. In the case of the tool boxes from China it was Waterloo Industries in Missouri.
I have confirmed with trade attorney Lewis Leibowitz and Daniel Pearson, Fellow at Cato Institute and former ITC Chairman, that they will be conducting a discussion about the various ways trade cases can be initiated and how each one works. Specifically, I have asked them to help our SMU Steel Summit attendees understand Section 232, Section 337, Section 201, Antidumping (AD) and Countervailing Duty (CVD), Circumvention and the concept of “self-initiation” by the U.S. government. This education session will be held as one of the two Pre-Summit Conference programs we will have on Monday, August 28th at the Atlanta Airport Marriott Gateway Hotel (our conference host hotel) located next to the Georgia International Convention Center (www.gicc.com). This program will begin at 2 PM ET at the Marriott Hotel. Registration (picking up your credentials) will begin at 1 PM in the lobby of the Marriott Hotel. Leibowitz and Pearson will also be part of a “free and fair trade” panel at 3 PM on Tuesday at the Convention Center along with Philip Bell, President of the Steel Manufacturers Association and one other speaker representing the manufacturing community.
As I mentioned the other day our room block at the Marriott Gateway Hotel is filling fast. We had 80 rooms left as of last week. We have plenty of rooms at the SpringHill Suites hotel across the street. If you are “budget minded” it is best to book now before all of the special rate rooms are taken…
We still have plenty of seats left for our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop in Ontario, California. Details are on our website or you can contact me in my office: 800-432-3475 or John@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!