Steel Products

US, EU Set to Extend 'Global Arrangement' Deadline: Report
Written by Ethan Bernard
October 10, 2023
The US and European Union are expected to sign a political agreement that puts a hold on a part of the Global Arrangement on Sustainable Steel and Aluminum (GSA) regarding the decarbonization of steel and aluminum making, according to an article in The Financial Times.
In a report dated Oct. 9, the Times cited two officials with knowledge of the move.
Recall that if a deal is not reached by the end of October, this could trigger the reinstatement of Section 232 tariffs on steel and aluminum on EU exports to the US. These tariffs have been suspended since 2021. In turn, this could provoke retaliatory measures by the EU.
A fundamental disagreement is over the carbon border adjustment mechanism (CBAM) system supported by the EU but opposed by the US.
Additionally, the US is waiting on carbon emissions data from the International Trade Commission that will not be available until 2025.
As SMU previously reported, President Joe Biden will host Charles Michel, president of the European Council, and Ursula von der Leyen, president of the European Commission, at the White House for a US-EU Summit on Oct. 20.
The EU is also set to announce anti-subsidy investigations against steelmakers in China at the meeting with US representatives this month, the article said.
At the meeting, the two sides are also expected to announce another part of the Global Arrangement on Sustainable Steel and Aluminum (GSA), “curbing exports of Chinese metal, which have been flooding the world market,” according to the article.
The article added this agreement will be available to other countries such as the “United Kingdom and Japan if they agree to also implement tariffs on China.”

Ethan Bernard
Read more from Ethan BernardLatest in Steel Products

SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]

US, offshore CRC prices continue to fall
US cold-rolled (CR) coil prices were down again this week, slipping six weeks in a row and seeing the sharpest drop-off since last July.

Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices fell this week, now down seven of the last eight weeks.

April service center shipments and inventories report
Flat rolled = 57.6 shipping days of supply Plate = 54.5 shipping days of supply Flat rolled US service centers’ flat-rolled steel supply edged up in April, as shipments slowed. At the end of April, US service centers carried 57.6 shipping days of supply, according to adjusted SMU data. This is up from 56.4 shipping […]

SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]