Steel Products
Caucus Urges Trump to Talk Steel in China
Written by Tim Triplett
November 8, 2017
Members of the Congressional Steel Caucus sent a letter to President Trump Tuesday urging him to defend the American steel industry and its workers during his visit to China this week.
Signed by Co-Chairman Mike Bost (R-IL), Co-Chairman Rick Crawford (R-AR), and Vice-Chairman Peter J. Visclosky (D-IN), the letter specifically asks the president to address the issues of chronic global steel overcapacity, illegal government subsidies and state-owned enterprises, and other trade distorting practices that have injured the American steel sector.
{loadposition reserved_message}
“American steelworkers are constantly threatened by the unfair trade practices of China. Today, China produces more steel than every other country in the world combined and contributes over half of the 700 million metric tons of global steel overcapacity. We know that America makes the most innovative and cost-effective steel in the world, but we cannot compete against China when they do not follow trading norms,” the letter reads.
The letter further states that the Chinese steel industry, which is dominated by large state-owned enterprises, has not followed through on pledges to reduce overcapacity. And China has consistently sold products at less than fair market value to offload their overcapacity to other countries.
“China must do more to address these issues and ensure that their steel producers are operating by fair market principles,” the congressmen wrote, sending a plea to President Trump to “defend the American steel industry, which is essential to our country’s national economy and our national security.”
Editor’s note: Reports out of China indicate that it has taken some steps to cut some obsolete capacity. Chinese exports to the United States have slowed to a crawl because of stiff antidumping and countervailing duties.
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
US rig count up, Canada declines
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.
US, offshore CRC prices continue to diverge
US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.
S232 lifts EU HR price over US, Asian HR still well behind
Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.
SMU Steel Demand Index dips into contraction
SMU’s Steel Demand Index has moved into contraction, according to late April indicators. The slowdown comes in response to growing tariff uncertainty after the index reached a four-year high in late February.
Nucor selects Fives Group for new galv line at CSI
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.