Steel Products Prices North America
House Backs Removal of PNTR Status from Russia, Moving Bill to Senate
Written by David Schollaert
March 22, 2022
The U.S. House voted overwhelmingly late last week to back the removal of “permanent normal trade relations,” or PNTR, status from the Russian Federation, the latest congressional effort to put economic pressure on Moscow.
The legislation, aimed at penalizing the Russian government for launching an invasion of Ukraine, could reach deep into the steel supply chain. Tariffs of 20% or more could be seen on many Russian-made goods and steel products should the bill become law.
The House voted 424-8 in favor of removing PNTR status from Russia and Belarus, its close ally – in concert with similar efforts undertaken by the European Union and other G-7 allies.
The bill now makes its way to the U.S. Senate, where it is expected to have broad support after Chuck Schumer, Senate Democratic majority leader, said the measure would move through quickly following House approval.
Once cleared and signed by President Biden, Russia and Belarus will join Cuba and North Korea as the only nations without PNTR status with the U.S.
By David Schollaert, David@SteelMarektUpdatet.com
David Schollaert
Read more from David SchollaertLatest in Steel Products Prices North America
Nucor drops weekly HR coil price by $10/ton
Nucor lowered its weekly base spot price for hot-rolled (HR) coil by $10 per short ton (st) this week.
Nucor holds HR price steady this week
Nucor is holding its hot-rolled (HR) coil consumer spot price (CSP) flat this week.
SMU price ranges: Sheet, plate largely unchanged
Sheet prices varied this week. While hot-rolled (HR) coil pricing was largely flat, cold-rolled (CR) coil and tandem product pricing eased slightly reflecting the momentum shift seen last week for HR coil. SMU’s average HR coil price was flat from last week at $835 per short ton (st) – potentially emphasizing the tension between competing […]
Nucor posts $830/ton spot HR price for week of April 8
Nucor said its spot hot-rolled (HR) coil price this week will be $830 per short ton (st).
US HR prices rebound, no longer near parity with imports
US hot-rolled coil and offshore hot band moved further away from parity this week as stateside prices have begun to move higher in response to mill increases.