Final Thoughts

Final thoughts
Written by Brett Linton & Ethan Bernard
May 21, 2024
From integrated to EAF, from hot-dipped galv to cold-rolled sheet, to the reputable vacuum tank degasser, the steel industry definitely has its own jargon. And we know our readers know that lingo backwards and forwards. Rather than test you on it, we thought we’d do something different.
In this special “Two-sday” edition of our crossword feature, we’re looking at double-meanings of steel terms. You know, from another angle, not necessarily a right angle but hopefully a humorous one with a pun here and there. So, have a look at the clues below, and try to see how they relate to the world of steel.
Note: We are doing a steel-themed crossword every week leading up to our Steel 101 course on June 11-12 in Fort Wayne, Ind. The course includes a tour of SDI Butler, an EAF sheet mill. If you want to learn more about steelmaking or market fundamentals, this is the course for you.
Steel history
Did you know the month of May each year was dedicated to steel? Approved on Nov, 2, 1966, by a joint resolution, Congress established May as “Steelmark Month.” Also, on April 8, 1967, President Lyndon B. Johnson called upon all the people of the country to observe the month every year. How are you celebrating?
Crossword
Click here to attempt this week’s “Two-sday” crossword.

Stumped? Click here to see the answers.

Brett Linton
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Ethan Bernard
Read more from Ethan BernardLatest in Final Thoughts

Final Thoughts
Even before the news about Mexico, I didn’t want to overstate the magnitude of the change in momentum. As far as we could tell, there hadn’t been a frenzy of new ordering following President Trump’s announcement of 50% Section 232 tariffs. But higher tariffs had unquestionably raised prices for imports, which typically provide the floor for domestic pricing. We’d heard, for example, that prices below $800 per short ton for hot-rolled (HR) coil were gone from the domestic market – even for larger buyers.

Final Thoughts
I want to draw your attention to SMU’s monthly scrap market survey. It’s a premium feature that complements our long-running steel market survey. We’ve been running our scrap survey since late January. And over just that short time, it’s become a valuable way not only for us to assess where scrap prices might go but also to quantify some of the “fuzzy” indicators - like sentiment and flows - that help to put the price in context.

Final Thoughts
I think there is an obvious case for sheet and plate prices going higher from here. That’s because, on a very basic level, the floor for flat-rolled steel prices, which is typically provided by imports, is now significantly higher than it was a week ago.

Final Thoughts
We're about to hit 50% Section 232 steel tariffs. What could happen?

Final Thoughts
With higher tariff rates on steel and aluminum set to go into effect on Wednesday, June 4, a new round of chaos across the supply chain is likely in store. Expect a significant impact on manufacturers and metal fabricators. But even before the latest round of Trump-tariff whiplash on Friday evening, there was a lot of interesting data coming out of SMU's steel-market survey.