Features

Holiday Notice: Easter
Written by Ethan Bernard
April 17, 2025
Steel Market Update will be taking time off in observance of Good Friday and Easter.
Our offices will be closed on Friday, April 18, and we will not publish our Executive issue on Sunday, April 20.
Our weekly pricing service will not be impacted.
We will resume our regular publication schedule on Monday, April 21, and our pricing service on Tuesday, April 22.
We wish the entire SMU community a restful holiday weekend.

Ethan Bernard
Read more from Ethan BernardLatest in Features

Final Thoughts
Tariff-related noise aside, there is one basic factor keeping buyers on the sidelines. Despite recent declines, HR prices remain at historically high levels. And there is no obvious support to keep them there.

Get an inside look at steelmaking at SMU’s Steel 101 workshop
If you’re looking to build a solid foundation in steel or sharpen the knowledge you already have, the SMU Steel 101 Workshop is a great place to start. Our next workshop will be held in Memphis, Tenn. on June 10-11, 2025

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Final Thoughts
United Airlines raised eyebrows earlier this month when it provided two forecasts for 2025 – one assuming a relatively stable economy and another assuming a recession. The reason? Uncertainty around the impact of President Trump’s policy shocks on the broader economy. And it sometimes feels like we’re seeing a battle between those two narratives (stable vs recession) play out within in the pages of this newsletter.

Price: Expect new trade shocks as Trump’s ‘reciprocal’ tariff negotiations continue
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.