Analysis
September 14, 2023
Written by Michael Cowden
The United Auto Workers (UAW) launched its “stand up” strike just after midnight on Friday, according to posts on the union’s Facebook page.
“We are the union! The mighty, mighty union,” UAW members with “On Strike” signs chanted in a video posted to the site.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
SMU’s Current and Future Scrap Sentiment Indices were stable and trending up in October, according to the latest data from our ferrous scrap survey. SMU’s Current Scrap Sentiment Index was unchanged at +88 this month after declining five points in September. The sideways result is still tied for the second-highest level year-to-date.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
The US Department of Commerce is considering raising the anti-dumping duties on imports of corrosion-resistant steel products (CORE) from Korea.
Worthington Steel said tight US steel supply, low imports, and extended lead times constrained shipments and quoting opportunities during its first fiscal quarter, even as the conditions supported pricing and spread sustainability.