Market Segment
April 8, 2024
Written by Ethan Bernard
Nucor said its new weekly hot-rolled coil spot price is not meant as a substitute for any current price indices.
“Nucor’s intent is NOT to create or replace any of the indices available,” a spokeswoman told SMU in a statement on Monday (emphasis theirs).
Shipbuilding is set to return to Sparrows Point, Md. President Trump and Secretary of War Pete Hegseth announced plans to develop a new shipbuilding facility at the site called Arsenal-2. The 2-million-square-foot facility sitting on an 187-acre site will manufacture critical components for the Virginia-class submarine.
The Department of Commerce is adjusting the countervailing duties (CVDs) on imports of hot-rolled steel flat products from two South Korean producers. The agency released the final results of its administrative review for calendar year 2023, finding a lower rate for Hyundai but a higher rate for POSCO.
President Trump’s senior counsel for trade and manufacturing, Peter Navarro, has criticized South Korea for subsidized and transshipped steel. “South Korea is inundating the U.S. with highly subsidized steel and steel transshipped from China,” Navarro wrote in a post on X. “We are cracking down." In comments to C-SPAN, Navarro pointed to the White House’s recent report, the Great Transshipment Scam.
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.
Nucor plans to invest $105 million to expand production at its utility towers and structures plant in Crawfordsville, Ind.