U.S. steel producers, facing intensifying criticism from steel consumers over record-high steel prices, were quick to point to a new report this week from the Economic Policy Institute, which concludes that the Trump-era Section 232 tariffs have been an effective deterrent to unfair imports and should be continued by the Biden administration. The Steel Manufacturers […]
Steel product shipments continued to improve through January this year, maintaining a month-on-month growth trend since bottoming in April 2020 when COVID shook the economy. Steel shipments have recovered to pre-pandemic volumes and posted an increase of 2.7% compared to January 2020 levels, according to Census Bureau data on inventories, shipments and new orders for total […]
U.S. apparent steel supply rebounded to a 10-month high in January, up 2.9% to 8.01 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest level seen since March 2020 when apparent supply was 8.63 million tons. Recall that April and May of […]
The United States’ two leading steel industry associations have cheered the Senate confirmation of Michael Regan, the new head of the Environmental Protection Agency. The move comes as the U.S. steel industry increasingly looks to burnish its credentials as a green industry – and as the potential of a carbon-border tax boosts the economic viability […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Mill shipments of steel products rose 6.9% month on month in January, while apparent supply was up by nearly 13.5% during the same period. Despite the continued growth month over month since […]
Biden administration Commerce Secretary Gina Raimondo described Section 232 tariffs on imported steel and aluminum as “effective” on Thursday. “The data show that those tariffs have been effective,” Secretary Raimondo said in an interview with MSNBC. Raimondo’s comments are important because trade policies such as Section 232, which Trump rolled out in March 2018, fall […]
How close is the United States to adopting some form of carbon border tax to address climate change? What seemed highly unlikely one administration ago is now even supported by the likes of the trade groups representing the American oil and steel industries. The Wall Street Journal reported this week that the powerful American Petroleum […]
Mill shipments and supply of sheet products rose by nearly 6.5% month on month in December, a positive close to 2020. Plagued earlier on by COVID, sheet shipments stalled in last year’s second quarter. After reaching bottom in June, they have climbed steadily since. This analysis is based on steel mill shipment data from the […]
The American Iron and Steel Institute (AISI) remains concerned that General Approved Exclusions (GAEs) to Section 232 tariffs and quotas could lead to a surge in imports, the head of the lobbying group said. “This (GAEs) is not ending the entire Section 232 program by any means. But it has the potential to degrade the […]
Big changes to Section 232 steel tariffs and quotas are unlikely in the short-term because of a backlogged Senate and because of a broader trade policy review, the head of the American Iron and Steel Institute (AISI) said. One obvious hurdle to any big moves on the trade front: President Joe Biden does not have […]
U.S. apparent steel supply rebounded significantly in December, up 6.4% to 7.79 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen in the last 10 years […]
Steel product shipments continued to improve through December, reporting an increase for the ninth consecutive month. Steel product shipments exceeded pre-pandemic levels to close out the year following a steady but slow rebound since reaching bottom in April 2020, according to Census Bureau data on inventories, shipments and new orders for total U.S. manufacturing and […]
Last year was a difficult one for the domestic steel industry as the U.S. economy struggled to recover from the shock of the COVID-19 pandemic. That struggle is reflected in the latest shipment data, which shows that U.S. steel shipments plunged nearly 16% in 2020. According to the American Iron and Steel Institute, U.S. mills shipped […]
The Congressional Steel Caucus–in a bi-partisan show of unity–has asked President Joe Biden to keep Section 232 tariffs and quotas in place. The request comes as the Biden administration has acknowledged that a review of trade policies enacted by former President Donald Trump is ongoing. “The review is underway of the previous administration’s trade policy […]
President Joe Biden has signed an executive order aimed at more strictly enforcing laws stipulating that U.S.-made goods be used in federally funded projects. Key to steel: The order will further limit waivers to domestic-content requirements for products that are truly not made in the U.S., industry sources said. The move is important because the […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
I received a call from Cleveland-Cliffs in response to an inquiry I had made a couple of weeks back regarding the #6 blast furnace at their Cleveland steel mill. Cliffs wanted to make sure I understand as the #6 blast furnace comes back online that it is not to increase production, only to replace the […]
U.S. apparent steel supply continued its upwards crawl in November, up 0.4 percent to 7.32 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen in the […]
By CRU Senior Analyst Ryan McKinley and Analyst Dave Thewlis, from CRU’s Steel Long Products Monitor U.S. domestic long product prices rose further m/m in January, hitting multi-year highs (see chart) as limited supply met with strong demand. Buyers are increasingly relying on domestic mills to acquire material, as global prices have made importing less […]
The upward trend in mill shipments and supply of sheet products continues, although the pace fell off as the fourth quarter carried on. After reaching bottom in June, as a result of the global pandemic, mill shipments and supply maintained a slow but steady upward trajectory through November 2020. This analysis is based on steel […]
The Biden administration could act fast on a big infrastructure bill if the Senate is quick to approve the president-elect’s Cabinet, the head of the American Iron and Steel Institute (AISI) said. “By sometime this spring, I think we could have a major infrastructure bill done,” AISI President and Chief Executive Officer Kevin Dempsey said […]
The Biden administration could act fast on a big infrastructure bill if the Senate is quick to approve the president-elect’s Cabinet, the head of the American Iron and Steel Institute (AISI) said. “By sometime this spring, I think we could have a major infrastructure bill done,” AISI President and Chief Executive Officer Kevin Dempsey said […]
U.S. steel lobbying groups and the United Steelworkers union want the administration of President-elect Joseph Biden to keep Section 232 tariffs and quotas in place. The steel groups and the union think the protections are necessary because of global steel overcapacity and because of the economic impact of the Covid-19 pandemic, according to a recent […]
U.S. raw steel production inched up 1.3 percent in November to 6,947,000 net tons, as reported by the American Iron and Steel Institute. This was the highest monthly production figure seen since March 2020 when 7,710,000 tons were produced in a single month. AISI’s monthly raw steel production estimates are different than the weekly estimates […]
At least two domestic steel and manufacturing lobbying groups have denounced the violence that temporarily halted the certification of President-elect Joe Biden’s victory over incumbent Donald Trump. National Association of Manufacturers President and Chief Executive Officer Jay Timmons said President Trump should be removed from office after a mob stormed the U.S. Capitol on Wednesday […]
U.S. steel producers are worried that a change to the Section 232 exclusion process could gut the Trump administration’s signature trade act. The focus of concern: The Commerce Department’s potential adoption of “General Approved Exclusions” (GAEs) into the Section 232 exemption process. “If permitted to stand, the GAEs will effectively eliminate Section 232 tariffs on […]
I’m looking forward to next month’s Tampa Steel Conference, where we will discuss lots of steel-related policy issues. The conference provides an opportunity to weigh the importance of the steel industry in the American economy and the global economy. We cannot realistically discuss what to do about steel (or any industry) from either a government […]
Count me as an optimist—that events move, sporadically and inconsistently, but generally toward progress. I received a lot of messages during the past week that wondered openly whether talks between the United States and the European Union might lead to an end to the steel and aluminum tariffs that have been in effect since 2018. […]
Count me as an optimist—that events move, sporadically and inconsistently, but generally toward progress. I received a lot of messages during the past week that wondered openly whether talks between the United States and the European Union might lead to an end to the steel and aluminum tariffs that have been in effect since 2018. […]
Steel Market Update wants to make you aware of some of the events we have planned for early 2021 as well as the 2021 SMU Steel Summit Conference, which will be (fingers crossed) a live event at the end of August. Steel Hedging 101: Introduction to Managing Price Risk Dates: Jan. 26-27 (half day workshop […]