In a social media post, President Donald Trump said a planned partnership between Nippon Steel and U.S. Steel will add $14 billion to the US economy and ensure USS remains headquartered in Pittsburgh.
One cause of this was increased competitiveness from imports that have put pressure on some domestic producers.
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
The recently announced US tariffs on vehicles and key components from all markets are expected to significantly disrupt global production.
Baosteel exec comments on market rumors of 50 million tons of output being cut this year, less than 0.5% of the 1 billion tons-plus China has produced annually in recent years.
“The lack of effective measures to create fair competition, amid a surge in subsidized imports, is the main threat to the sustainability of Brazil’s steel industry and its value chain,” CEO Marcelo Chara said.
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.
Chinese steel export prices are expected to remain stable or fall in the coming weeks as trade restrictions rise and tensions between the country and the US escalate.
US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.
Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.
The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America
The company said, “The challenging demand conditions in Europe driven by geopolitical developments, trade and supply chain disruptions and escalating energy costs have affected the operating costs and financial performance."
For trading partners, the tariffs will reduce demand for exports and depress growth. Over the coming days, trade partners will almost certainly announce retaliation, which will hit US exports.
Latest tariffs could lead to US metallurgical coal exporters (many already high-cost swing producers) being priced out of the market.
Victor Cairo, head of Mexico’s steel sector body Canacero and CEO of ArcelorMittal Mexico, says he is confident negotiations between the Mexican and US governments planned for April 2 will lead to the creation of a regional block to substitute imports, especially from Asia.
These developments come at a time when the global trading system has been shaken up by US President Donald Trump’s greater use of tariffs, including employing Section 232 legislation to impose a 25% levy on steel from all countries to protect national security.
While overall steel demand remains weak in the near term, there are reasons to expect metallurgical coal prices will increase over the course of the year, Ramaco says.
The Trump 1.0 tariffs appeared to have little positive effect on the US manufacturing, partly because they hurt export competitiveness.
On 4 March, new 25% blanket tariffs across all products exported to the USA from Canada and Mexico are now in effect. The only exception is Canadian energy products, which will be assessed a 10% tariff.
Increased protectionism is expected to continue to drive up steel prices in the US and Europe.
President Trump has directed Commerce Secretary Howard Lutnick to investigate copper imports into the US under Section 232 of the Trade Expansion Act of 1962 on national security grounds.
Brazilian long products producer Gerdau is now considering siting a 600,000 ton per year specialty steel plant in the United States, rather than Mexico as initially planned, in the wake of President Donald Trump’s imposition of 25% tariffs on steel imports into the US.
US primary output is at its lowest level this century
US sheet prices surge following tariff announcement
The CRU Metallics Price Indicator (CRUmpi) rose by 5.0% m/m in February to 293.7, a five-month high. Scrap prices increased in different degrees this month, reflecting the confidence level in the steel market across different regions. While US scrap prices rose sharply m/m due to limited availability, those in Europe and Asia had only small […]
US steel prices set to jump after President Trump levies new tariffs.
Targets include coal, liquified natural gas, crude oil, and other commodities
USMCA is option 1 but will cost more or not be big enough
Turkish scrap prices showed little change week over week (w/w), with HMS 80:20 and shredded grades assessed at $343 per metric ton (mt) and $357/mt, respectively. Turkish scrap prices remained steady during the third week of 2025, with HMS 80:20 unchanged at $343/mt, while Shredded grades fell edged lower $5/mt to $357/mt based on confirmed […]
Executive orders, LME volatility and more