Steel Products Prices North America
Canada Bans Russian Aluminum, Steel Imports
Written by Becca Moczygemba
March 13, 2023
Canada will no longer accept imports of Russian aluminum and steel, Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada, announced on March 10.
“Through regulatory amendments under the Special Economic Measures (Russia) Regulations, the importation of all Russian aluminum products, such as unwrought aluminum, aluminum sheets, and finished products including containers and other household items made from aluminum, is now prohibited,” the Department of Finance Canada said in a statement.
Primary Russian steel products, including iron and non-alloy steel, semi-finished, and finished products like pipe and tube, are also part of the ban. In 2021, Canada imported CAD $45 million of aluminum and C$213 million of Russian steel products.
“Ukraine can and must win this war,” said Freeland. “We continue to do everything we can to cut off or limit the revenue used to fund Putin’s illegal and barbaric invasion of Ukraine. Canada, and our partners, have already sanctioned the Russian Central Bank and capped the price of Russian oil and gas. And now, we are ensuring Putin cannot pay for his war by selling aluminum and steel in Canada, in coordination with action taken by the United States today.”
This ban will prevent Russia from generating revenue from Canada to pay for its war on Ukraine.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products Prices North America
Nucor holds HR price steady this week
Nucor is holding its hot-rolled (HR) coil consumer spot price (CSP) flat this week.
SMU price ranges: Sheet, plate largely unchanged
Sheet prices varied this week. While hot-rolled (HR) coil pricing was largely flat, cold-rolled (CR) coil and tandem product pricing eased slightly reflecting the momentum shift seen last week for HR coil. SMU’s average HR coil price was flat from last week at $835 per short ton (st) – potentially emphasizing the tension between competing […]
Nucor posts $830/ton spot HR price for week of April 8
Nucor said its spot hot-rolled (HR) coil price this week will be $830 per short ton (st).
US HR prices rebound, no longer near parity with imports
US hot-rolled coil and offshore hot band moved further away from parity this week as stateside prices have begun to move higher in response to mill increases.
Galvanized buyers report solid demand, balanced inventories
Galvanized buyers reported solid demand and balanced inventories this week and were anticipating the sheet price increase announced by Cleveland-Cliffs on Wednesday.