Category: Region

The majority of the steel buyers responding to our latest market survey reported that domestic mills are not open to negotiating prices on new orders this week.

The latest on the trade war

Mexico has launched an anti-dumping investigation into imports of hot-rolled steel from China and Vietnam.

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.

April 2 is when reciprocal tariffs are expected to kick in.

Remember infrastructure week in Trump 1.0? It became a running joke. Because it was almost always derailed by whatever the scandal of the day was. In Trump 2.0, we've got tariff week. And unlike infrastructure week, tariff week is no joke.

Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.

Don't forget that Trump's reinstatement of the Section 232 tariffs on steel and aluminum imports is slated for Wednesday, March 12.

“It is completely shocking for the United States to treat a long-time and fair trading partner in this manner,” the Canadian Steel Producers Association said.

The Association of Equipment Manufacturers slammed the use of "broad and indiscriminate" penalties.

Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]

Steel Manufacturers Association (SMA) President Philip K. Bell stressed a mood of "cautious optimism" for steel on what turned out to be Tariff Eve.

We really don’t know yet what and how severe the impact will be. But we do know ferrous scrap will become more expensive in the US. And it will be less expensive for Canadian mills. The larger consequences will be felt on the Canadian front. Even so, in the Southwest, the tariffs on Mexico will lower prices for Mexican scrap and might limit normal flows across the border.

SMU’s Monthly Review provides a summary of key SMU steel market metrics for the previous month, with the latest data updated through February 28th.

These tariffs would significantly increase costs for American manufacturers that rely on Canadian metals. They would also disrupt supply chains and weaken economic ties that have benefited both nations for decades.

President Trump reaffirmed Monday afternoon that his 25% universal tariff on all imports from Canada and Mexico would take effect on Tuesday. “Tomorrow – tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters Monday, according to an Associated Press report. “They’re going to have to have a tariff.”

The Manufacturing PMI registered 50.3% in February. That’s 0.6 percentage points lower compared to the 50.9% recorded in January.

The main impact of tariffs on scrap prices would be felt in Northern states - and especially among those along the Canadian border. Many steelmakers in this area receive a substantial portion of their monthly scrap charge from Canadian processors. Much of it is prime scrap used by hot-rolled (HR) coil producers.

While Congress has given the president enormous power over trade policy, the president wants to test the limits of that authority. If there are no guardrails, our economic and political liberty may be on the block. Stay tuned.

The demise of the VAT rebate system in China might be the most tangible sign that Beijing realizes that its unbridled access to global markets is over. There was no point in continuing a system of financial incentives to the export sector when the tariff headwinds were getting stronger.

The investment firm seeking to oust U.S. Steel’s leadership has asked the steelmaker to schedule its annual shareholder meeting after June 18. That’s the deadline set by the US government for USS and Nippon Steel to unwind their nearly $15-billion merger deal. Ancora Holdings Group sent a letter dated Feb. 27 to board members of […]

US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.

The Chicago Business Barometer rose to an eight-month high in February. Despite the recovery, the measure continues to indicate deteriorating business conditions, as it has for over a year.

The price spread between stateside-produced CR and imports reached its widest margin in over a year.

That’s not to say Section 232 shouldn’t be tightened up. Or that certain trade practices – even among our traditional allies – weren’t problematic. But when it comes to the reboot of Section 232, I do wonder whether there will be some unintended consequences.

Four weeks have passed since the last article from Rock Trading Advisors on January 30. The paint has dried, and Midwest HRC futures have exploded higher in response to President Trump’s declaration of impending 25% tariffs on all imported steel products. The rolling 2nd month CME Midwest HRC future erupted through the top end of its downtrend, one that dates back to the peak of the winter 2022 rally. It also broke out of its narrow range seen dating back to June of last year.

Hot-rolled (HR) coil prices continued to rally in the US this week, quickly outpacing price gains seen abroad. The result: US hot band prices have grown widely more expensive than imports on a landed basis. The premium US HR tags carry over HR prices abroad now stands at a 14-month high. SMU’s average domestic HR […]

On Thursday morning, Trump posted on Truth Social about Canada and Mexico: “the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled.”

New orders gained 3.1%, reaching $286.0 billion, according to the US Census Bureau.

North American auto assemblies recovered in January, surging 33.4% above December and rebounding from a three-year low. However, according to LMC Automotive data, assemblies were still 0.1% lower year on year (y/y). After slumping in December to the lowest total since July 2021, January’s assemblies returned to typical seasonal levels. Sentiment remains tempered as carmakers […]