SMU's Week in Review: June 30-July 3

The so-called One Big Beautiful Bill, which President Trump had been championing, passed in the Senate and has been sent back to the US House of Representatives for reconciliation.

Several items in the bill would impact the steel industry. We will be reporting those to you. So far, portions of the 2017 Tax Cuts and Jobs Act, scheduled to expire at the end of 2025, have been extended.

The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the bill. You can see what they said here, with the caveat that the bill still has not been passed.

Prices

On Monday, Nucor raised its weekly spot list price for hot-rolled (HR) coil by $10 per short ton (st) to $910/st after holding it steady at $900/st the previous week.

At the same time, Nucor is also aiming to keep plate prices flat again with the opening of its August order book.

Sheet and plate prices were little changed this holiday week. SMU’s average HR coil price inched up $5/st to $880/st. Prices for other products were also little changed. You can see how cold-rolled coil and other products reacted – and what market sources are saying – here.

Trade

The US government is moving on trade petitions filed earlier this month by a coalition of domestic steel producers. The Commerce Department officially initiated unfair trade investigations into rebar imports from Algeria, Bulgaria, Egypt, and Vietnam. You can find the latest here.

Canada has implemented tariff-rate quotas on steel imports to help protect and stabilize its domestic market. Notably, the TRQs do not apply to countries that have a free trade agreement with Canada. Find out the details here.

Around the market

GE Appliances will be reshoring the production of some of its appliances to its Louisville, Ky., headquarters with a $490-million reshoring project positioning it to become the “biggest American washer manufacturer.” Recall that appliance maker Whirlpool said the company expects tariffs to boost business as it looks to invest in its US-based operations.

Cleveland-Cliffs’ previously announced idlings at its Riverdale, Ill., Conshohocken, Pa., and Steelton, Pa., mills have gone into effect. That’s according to WARN notices from the affected states and Cliffs’ website.

Economic data to watch out for

Tuesday, July 8: Consumer credit (3 p.m.)

Wednesday, July 9: Minutes of Fed’s May FOMC meeting (2 p.m.)

Thursday, July 10: Initial jobless claims (8:30 a.m.)