Product
February 5, 2021
Written by Michael Cowden
The Congressional Steel Caucus–in a bi-partisan show of unity–has asked President Joe Biden to keep Section 232 tariffs and quotas in place.
The request comes as the Biden administration has acknowledged that a review of trade policies enacted by former President Donald Trump is ongoing.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
U.S. Steel held a ceremonial groundbreaking on Monday for its new $475-million quench-and-tempering facility at its Fairfield Tubular Operations in Alabama.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.