Steel Products
Update: Section 232 White House Meeting
Written by Sandy Williams
February 13, 2018
Tariffs are an option to stop steel dumping, said President Donald Trump at a bipartisan meeting of legislators this morning.
“I want to keep prices down, but I want to make sure that we have a steel industry,” said Trump, according to a Bloomberg report.
“Part of the options would be tariffs coming in. As they dump steel, they pay tariffs, substantial tariffs, which means the United States would actually make a lot of money,” said Trump.
Fifteen Republicans and four Democrats met with the president, commerce secretary and U.S. trade representative to discuss possible actions on the import of steel and aluminum under Section 232 of the Trade Expansion Act of 1962.
Senator Pat Toomey (R-PA) cautioned against using Section 232: “Invoking national security, when I think it’s really hard to make that case, invites retaliation,” he told Trump.
Senator Mike Lee, a Utah Republican, added that only 3 percent of imported steel is used for national-security purposes. Trump countered that the amount will go up with defense budget increases.
Commerce Secretary Wilbur Ross suggested a “much more surgical way” of applying Section 232 by imposing tariffs on imports from certain countries and quotas on those suspected of transshipment.
Note: Developing news to be updated in this evening’s edition of Steel Market Update

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products

Rig count dips again in both US and Canada
Oil and gas drilling activity waned in the US and Canada this past week. Ticking own for the second straight week in both regions.

Steel caucus pushes US trade officials to maintain strong S232 program
The bipartisan Congressional Steel Caucus is pushing for US officials to maintain a robust Section 232 program as they negotiate trade deals with America's trading partners.

Active rig count declines in US, Canada
Oil and gas drilling activity slowed in the US and Canada this past week. An unfamiliar trend after both regions saw repeated gains of late.

Plate market buzzes with rumors of secret deals from mills
Carbon steel plate market participants suspect that this week’s modestly softer prices are the result of quietly negotiated prices between plate purchasers and mills.

HR Futures: Forward curve shifts lower, structure maintains
Scraping lower-quartile $800s on nearby futures is bringing limited trading ideas for CME hot-rolled coil (HRC) at present.