Final Thoughts
Final Thoughts
Written by John Packard
May 5, 2019
President Trump has announced that he intends to increase the Section 301 tariffs on Chinese finished goods to the full 25 percent by the end of this week (current rate on first batch is 10 percent). He also intends to increase the number of products to be hit. His statement was the Chinese were dragging their feet in the negotiations and enough time has passed. No more extentions. Lewis Leibowitz is working on an article on this subject, but it was not ready when we went to publish this evening. Stay tuned. This is an important development for the steel industry.
My next round of travel adventures begins this week as I head to Chicago where I am speaking to Bank of America Merrill Lynch on Wednesday and then attending the Metals Industry Boy Scout Dinner on Thursday. If you would like to speak to me while I am in Chicago, please send me an email.
Next week I will be in Davenport, Iowa, for our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop. We will tour the SSAB Iowa steel mill, and I want to thank the SSAB teammates for their hospitality. We are looking forward to our second visit to this facility.
I will advise when and where our next Steel 101 workshop will be held in the coming days. Stay tuned.
We have exceeded 450 registered attendees for this year’s SMU Steel Summit Conference. We are well on our way to the 1,000 executive goal we set after last year’s conference. This year we have a tremendous program. A tremendous group of sponsors and exhibitors. This is the one place you and your company need to be to network and to learn about what to expect in the coming year. We have wonderful speakers, the facility is perfect and easy to get to… Need I say more? To register or find more information, go to: www.SteelMarketUpdate.com/events/steel-summit
Our next flat rolled and plate steel market trends analysis begins at 8 a.m. tomorrow (Monday). Look for your invitation link and please take a few moments to complete the questionnaire.
We will provide service center inventories data providers our “Flash” report on Tuesday of this week. This is one of the benefits of being a data provider. If you are a flat rolled or plate steel service center and would like to participate, please contact me at John@SteelMarketUpdate.com
If you would like information about how to upgrade, renew or become a new subscriber, please contact Paige Mayhair at 724-720-1012 or Paige@SteelMarketUpdate.com
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
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Final Thoughts
The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.
Final Thoughts
Are we on the cusp of sorting out the tariff situation, or is this merely another round in the bout?
Final Thoughts
I’m not sure how many different ways I can write that it’s been a quiet market ahead of Independence Day. There are variations on that theme. I’ve heard everything from the ominous “eerily quiet” to "getting better" and even the occasional “blissfully unaware” (because I’m enjoying my vacation).
Final Thoughts
What's going to be the next big thing in steel?
Final Thoughts
Based on the amount of ‘out of office’ replies we’ve been receiving and the results of this week’s steel buyers’ survey, those pesky summer doldrums have arrived for the steel industry.