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    Market Data

    January 24, 2025

    Price: New administration sets roadmap for trade, manufacturing

    Written by Alan Price & John Allen Riggins

    Day One of the second Trump administration did not bring tariffs, but it did signal that tariffs, and other major trade actions, are not far off.

    Trump issued a sweeping memorandum that further clarified the direction the administration will take on trade. This “America First Trade Policy” directs the Secretary of State, the Secretary of Commerce, the United States Trade Representative (“USTR”), and other federal agency heads to explore and report on actions that will narrow the trade deficit, promote national security, and boost domestic investment and production. Most of these reports must be delivered to Trump by April 1.

    Alan Price

    Price has more than 30 years of experience representing clients in high-profile, complex international trade regulatory matters, including trade litigation involving public and government relations issues. In addition to being chair of the firm’s International Trade Practice, he heads the firm’s antidumping and countervailing duty practice. He also counsels clients on bilateral and multilateral agreements, trade legislation, customs regulation, Foreign Corrupt Practices Act (FCPA) compliance issues, escape clause investigations, and World Trade Organization (WTO) dispute resolution.

    Read more from Alan Price

    John Allen Riggins

    Riggins advises in matters related to trade remedies, national security, supply chains, trade policy, and digital trade. He represents client interests in a variety of international trade remedy proceedings before the Department of Commerce (DOC) and International Trade Commission (ITC) and related litigation before the US Court of International Trade (CIT) and the US Court of Appeals for the Federal Circuit (CAFC). Riggins has represented domestic producers in a wide array of industries, including steel, aluminum, wood, wind energy, transportation, and photovoltaics products.

    Read more from John Allen Riggins

    Latest in Market Data

    Apparent steel supply remains historically high despite September dip

    The volume of finished steel that entered the US market eased 1% from August to September and held near a historically strong rate, according to SMU’s analysis of recently released Department of Commerce and American Iron and Steel Institute (AISI) data. Referred to as “apparent steel supply,” this measure is calculated by combining domestic mill shipments and finished US steel imports, then subtracting total US exports. It can be used as a proxy for domestic steel demand. Supply totaled 9.11 million short tons (st) in September, the fourth-highest rate recorded in the past four years. Supply has remained historically strong since May, when it surpassed the 9 million st mark for the first time in four years

    Steel exports fall in September to lowest rate of the year

    US steel exports eased 3% from August to September, marking the third consecutive monthly decline following June’s 17-month high, according to recently released US Department of Commerce figures. Exports have been historically low since early 2025 and remain weak compared to volumes seen in prior years. In September, 615,000 short tons (st) of steel were shipped outside of the country, 2% below the average monthly export rate of the past twelve months. September trade was 3% higher than the same month of 2025, 19% lower than September 2024, 21% lower than September 2023, and 15% lower than September 2022. For context, exports fell to a five-year low of 469,000 st in December and reached a near-five-year high of 914,000 st in May 2023.

    SMU scrap market survey results now available

    SMU’s November ferrous scrap 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 Ferrous Scrap Survey results. Past scrap survey results are also available under that selection. If you need help accessing the survey results or if your company would like to have your voice heard in our future surveys, contact smu@crugroup.com.

    Drilling activity ticks up in the US, eases in Canada

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    Market chatter: Supply, not price, dominates steel buyers’ concerns

    On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. We are sharing a selection of the comments we received below, in each buyer’s own words. Before diving in, we reviewed all the responses collected and compiled these key takeaways: Respondents overwhelmingly anticipate further increases. Buyers cite limited supply, mill delays, low inventories, and steady-to-strong demand. Most say demand is generally stable to improving, with some purchasing driven by fears of higher prices or unavailable material rather than stronger underlying consumption. Most respondents report faster inventory turnover, while shortages are constraining sales and, in some cases, prompting customer allocations. Buyers increasingly see imports as a way to secure scarce material, though domestic-origin requirements, delivery timing, and pricing risks remain obstacles.