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    CIT Upholds Section 232, Vast POTUS Trade Powers

    Written by Michael Cowden


    The U.S. Court of International Trade (CIT) has upheld the legality of Section 232 tariffs following a legal challenge lodged by consumers of foreign steel.

    The ruling deals a blow to the plaintiffs–Universal Steel Products, PSK Steel Corp., The Jordan International Company, Dayton Parts LLC and Borusan Mannesmann Pipe U.S. Inc.–which claimed that they had been injured by the Trump administration trade action.

    Michael Cowden

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    Latest in Prices

    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    Nucor increases spot HR to $1,240/ton

    Nucor said on Monday, Oct. 12, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,240 per short ton (st) this week, a $10/st increase from a week earlier. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,305/st, up $15/st from the prior week. Nucor is still offering lead times of three to five weeks, according to the letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 6, showing HR coil prices averaging $1,270/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 13.