Features

SMU's Week in Review: June 9-13
Written by Stephanie Ritenbaugh
June 13, 2025
With so much happening in the news cycle, we want to make it easier for you to keep track of it all. Here are highlights of what’s happened this past week and a few things to keep an eye on this upcoming week.
There’s more in the ongoing saga of Nippon Steel’s attempt to buy U.S. Steel. President Trump said Thursday that proposed deal would entail the US government wielding a 51% share of Pittsburgh-based U.S. Steel.
“We have a golden share, which I control, or the president controls,” Trump said in remarks to reporters at the White House. “Now I’m a little concerned who that president might be (someday), but that gives you total control. It’s 51% ownership by Americans.”
On Friday, the White House OK’d the $14-billion transaction.
Market happenings
General Motors plans to invest about $4 billion over the next two years at its US manufacturing plants. The investment will allow GM to make more than 2 million vehicles, both gas and electric, per year in the US. This announcement follows a recently disclosed plan to invest $888 million in the Tonawanda Propulsion plant near Buffalo, N.Y.
ArcelorMittal Long Products Canada is shifting production from its wire-drawing facility in Hamilton, Ontario, to its Montreal, Quebec, operation as part of a restructuring plan. CBC reports that ArcelorMittal pinned blame for the restructuring on steel imports, and Local 5328 President Mike Hnatjuk said he believes US tariffs contributed to management’s decision.
Speaking of tariffs, subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments enroute to the US.
An executive for a large overseas mill said customers might find it difficult to justify imports after Trump doubled the 25% Section 232 tariff on imported steel and aluminum to 50%.
As for imports, do we still need them?
Speaking on an SMU Community Chat Wednesday, Timna Tanners, managing director at Wolfe Research laid out a case for why the US might soon no longer need imported flat-rolled steel, thanks to a wave of domestic capacity additions over the last few years.
“Conceptually, we’re one new mill away from being self-sufficient,” she stated.
Seven years after the company’s founding, Reibus International will close its online metals marketplace. However, the Atlanta-based company will continue to operate the logistics business.
“As Reibus continues to evolve, we’ve made the decision to close our metals sales division and focus our energy and innovation on growing Reibus Logistics,” the company said.
Scrap and pig iron
June scrap prices in the US have settled sideways. And one source expects the market to stay flat in July, barring a significant increase in steel production. Of course, tariffs were part of the story.
“I think the great majority of tons would have traded sideways anyways, but the tariff announcement did help to push one or two mills into the sideways camp.”
Meanwhile, the Brazilian pig iron trade was waiting on the scrap market to settle. A confirmed a sale was made to the US at a price of $401/mt FOB Vitoria. The freight is reported at $30/mt, which equates to $431/mt CFR US port. That’s a drop of ~$10/mt from their last sale. However, not all producing channels have accepted this price reduction.
Prices and surveys
Steel prices climbed for a second straight week across all five sheet and plate products tracked by SMU. The market appears to be inching higher in response to Trump’s 50% tariff announcement, though gains are not nearly as strong as the surge seen back in February following the initial tariff news. You can get the numbers here.
And the price spread between hot-rolled coil and prime scrap widened slightly in June after narrowing for the two previous months. We have the numbers.
Domestic hot-rolled coil prices edged up marginally again this week, while offshore prices ticked down. Despite this trend, US prices remain at a notable discount to EU imports after the Trump administration doubled Section 232 tariffs. Get the data here.
Economic highlights
Monday, June 16: Empire State manufacturing survey (8:30 a.m.)
Tuesday, June 17: Industrial production (9:15 a.m.)
Wednesday, June 18: Housing starts, building permits, initial jobless claims (8:30 a.m.); FOMC interest rate decision (2 p.m.), Federal Reserve Chair Jerome Powell press conference (2:30 p.m.)
Friday, June 20: US leading economic indicators (10 a.m.)

Stephanie Ritenbaugh
Read more from Stephanie RitenbaughLatest in Features

Final Thoughts
Is there any clarity to be hoped for on the tariff front?

SMU Survey: Mill lead times remain short
Steel mill lead times on sheet products contracted across the board this week compared to early July, while plate production times moderately extended, according to steel buyers responding to this week’s market survey.

SMU Survey: Most buyers say mills are open to negotiating prices
More than nine out of every ten steel buyers polled by SMU this week reported that mills are negotiable on new order prices. Negotiation rates have increased in each of our last three surveys following the early-June lull, reaching a record high this week.

SMU Community Chat replay now available
The latest SMU Community Chat webinar reply featuring Tom Derry of the Institute for Supply Management (ISM), is now available on our website to all members.

Final Thoughts
A tariff on Brazilian pig iron could cause great upheaval in the market.