U.S. Trade Representative Robert Lighthizer wants to wind the NAFTA negotiations up by May 1, the day the temporary tariff exclusions expire for Canada and Mexico. Sources told Inside U.S. Trade that Lighthizer informed his NAFTA counterparts he wants to announce an agreement by March 31 and have the legal review completed by the beginning […]
There are a lot of moving pieces to the Section 232 tariffs and the negotiations these tariffs have prompted among the countries that have not yet been excluded. Quotas are being discussed with most, if not all countries, with South Korea agreeing to 70 percent of their 2017 shipment levels. You should anticipate that other […]
President Trump’s Section 232 steel tariffs went into effect at 12:01 a.m. ET on Friday—but hardly as expected. At the last minute, the president suspended the tariffs for a large group of ally nations until May 1 while negotiations continue. The suspension could head off retaliatory trade measures threatened by various foreign countries, at least […]
Just before midnight on Thursday, March 22, the White House released a proclamation adjusting imports of steel (Section 232) by providing exclusions to Canada, Mexico, Australia, Argentina, South Korea, Brazil and member countries of the European Union. The EU countries are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, […]
Twice per month, once at the beginning of the month and then again in the middle of the month, Steel Market Update conducts an analysis of the trends impacting the flat rolled and plate steel markets. We invite 640 individuals associated with flat rolled and plate steels in purchasing, sales or executive positions at manufacturing, […]
More than 40 members of the World Trade Organization took the floor at a meeting of the Council on Trade in Goods on Friday to voice their concerns over U.S. tariffs on steel and aluminum. Members warned that the measures would have repercussions “not only on traders’ commercial interests but also on the predictability and […]
I will be traveling beginning on Tuesday afternoon as I head to Chicago to conduct one of our Steel 101 workshops. I want to take a moment to thank NLMK USA for their hospitality as we will be touring their Portage minimill on Wednesday of this week. I will not return to my office until […]
Steel Market Update forecast that flat rolled steel shipments from U.S. service centers would slightly decline from 105,109 tons per day in January to 104,577 tons per day in February. The Metals Service Center Institute (MSCI) reported last week that sheet distributors shipped 109,565 tons per day, an increase over January. Our shipment forecast accuracy […]
Service center shipments in February were stronger than the seasonal norm, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in February were 3.8 percent higher than in January. On average since 2009, February shipments have decreased by 0.4 percent; therefore, these latest numbers were seasonally better than the […]
With the announcement that seven countries will be exempt from the steel tariffs that take effect tomorrow, less than one-third of U.S. steel imports will be subject to the tariffs, by some estimates. U.S. Trade Representative Robert Lighthizer said during a Senate Finance Committee hearing today that the President has decided “to pause the imposition […]
The Section 232 tariffs go into effect tomorrow and already they are being watered down with country exclusions. U.S. Trade Representative Robert Lighthizer is now adding all of Europe, South Korea (one of the biggest importers of Chinese steel), Brazil, Argentina and Australia to the list of countries whose steel exports to the U.S. will […]
Both current and future sentiment among flat rolled steel buyers saw a small but positive bump in the past two weeks, perhaps reflecting the announcements and uncertainty from the Trump administration on the steel tariffs that are set to take effect tomorrow, March 23. In general, buyers’ attitudes have bounced up and down within a […]
Mill lead times on flat rolled steel continue to inch out as supplies tighten and the mills scramble to fill orders. One of the key indicators tracked by Steel Market Update, lead times reflect the activity at the mills and the order levels they are seeing from their customers. SMU’s latest data indicates that the […]
With President Trump’s steel tariff set to kick in on Friday, domestic steelmakers remain in a strong pricing position. Buyers responding to this week’s SMU market trends questionnaire reported most mills unwilling to bend much when it comes to steel product prices, except in some cases for large orders. By market segment, 91 percent of […]
President Trump signed a memorandum Thursday directing the U.S. Trade Representative to recommend tariffs on $50 billion to $60 billion of Chinese goods. In addition to the tariffs, the United States also plans to restrict Chinese invesment in the U.S. and to take action against China at the World Trade Organization, according to press reports. […]
Only one out of four respondents to Steel Market Update’s market trends questionnaire this week feel President Trump’s 25 percent tariff on steel imports will have a beneficial effect on their businesses. Most (62 percent) expect it to hurt business in the long term, while the remaining 13 percent predict it will have little effect […]
The market is waiting anxiously to see how the Trump administration’s Section 232 tariff will affect steel imports, and in turn steel prices. The 25 percent tariff takes effect on Friday. If Steel Market Update’s latest sample of reader opinion is any indication, the volume of imports into the United States may not moderate as […]
Washington attorney Lewis Leibowitz offers the following trade update: Several countries have arrived in Washington seeking exemption from the Section 232 steel and aluminum tariffs. The Trump administration surprised the market with its announcement Thursday that five other nations will join Canada and Mexico on the list of those exempt from the tariffs: the European […]
WOW! What a day. I don’t know if anyone has the ability to accurately calculate the value of a piece of steel based on what has been happening since President Trump all of a sudden announced Section 232 tariffs while answering a reporter’s question. With the announcement of more countries being excluded from the tariffs, […]
Trade attorney Lewis Leibowitz has been sharing information with Steel Market Update about the exclusion request process for both steel and aluminum. We will endeavor to provide as much information as possible to our readers as you determine whether to file for exclusions on your products or move to non-affected steel suppliers. Below is a […]
The following article was written by trade attorney Lewis Leibowitz. You can find his contact information at the end of the article: John Packard asked me to respond to questions from SMU readers about the new procedures for requesting steel product exclusions from the tariffs scheduled to go into effect at midnight Friday morning. The […]
The final complaint in the U.S. Steel Section 337 investigation against steel manufacturers in China was dismissed by the International Trade Commission on Monday. In a 3-1 decision, the USITC said U.S. Steel failed to show specific antitrust injury. The antitrust claim was the last of three complaints that U.S. Steel brought against its Chinese […]
Cryptocurrency policy took a backseat to global trade at the start of the 2018 G20 Summit. Officials gathered in Buenos Aires warned that U.S. protectionist policies may threaten global economic growth. “The first risk is the risk of inward looking policies and protectionism,” said European Commissioner for Economic and Financial Affairs Pierre Moscovici on Monday. […]
SMU is receiving many requests for information and help regarding Section 232 exclusions and how to complete the process. We are attempting to assist when and where possible. Trade attorney Lewis Leibowitz is being very helpful when he has time. If you have specific legal issues that are outside of the scope of what we […]
Details on how to request an exclusion from the Trump administration tariffs on steel and aluminum will be published in the Federal Register tomorrow. We received a copy of the exclusion procedure and some comments from trade attorney Lewis E. Leibowitz. President Trump, using his authority under Section 232 of the Trade Expansion Act of […]
China and German have agreed to work together to find solutions for steel overcapacity within the framework of the G20 group of nations. In a phone call on Saturday, German Chancellor Angela Merkel and Chinese President Xi Jingping discussed the importance of multilateral cooperation in global trade and the need for the two countries to […]
SMU will begin our next flat rolled and plate steel market trends analysis beginning at 8 AM ET tomorrow morning (Monday). Please check your inbox (or SPAM filter) for our invitation to participate in the mid-March process. If you would like to be included in this or future surveys, please send an email to info@SteelMarketUpdate.com. […]
The competitive position of steel and steel products has improved in the last few months, according to Bureau of Labor Statistics (BLS) data. In the past, we have reported the producer price indexes of steel and some competing products on a quarterly basis. This month, we have revamped and expanded our report to provide subscribers […]
The following analysis of the number of months of supply being held by flat rolled steel distributors is intended for SMU Premium level members. We are sharing this report with all of our readers during the first year of the index, after which it will be available for Premium members only. Shortly after the month […]
The European steel association EUROFER urged EU policymakers, member states and industry stakeholders to show solidarity against the U.S. tariffs on steel and aluminum. U.S. tariffs are the wrong approach to dealing with the global overcapacity problem in steel, said EUROFER President Geert Van Poelvoorde at a press conference earlier this week. “We are facing […]