It was only a matter of time before a shutdown happened. And, no, we aren’t talking about the federal government’s lapse in appropriations. On Oct. 9, Beijing announced a series of restrictions that will effectively shut down exports of rare earth elements, magnets, and certain downstream products vital to advanced manufacturing.
World crude steel output declined for the fourth-consecutive month in September, slipping 3% from August to an estimated 141.8 million metric tons (mt), according to the latest figures from the World Steel Association (worldsteel).
On Oct.10, President Trump announced major increases in tariffs on Chinese goods. The trigger was a new regime of export controls on rare earth metals and products using those elements, including magnets, capital equipment, and catalysts for catalytic converters in cars and trucks.
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...
August marked the second-lowest monthly production rate this year, down 13% from the two-year high of 166.6 million mt in March.
World crude steel output declined for a second straight month in July, falling 2% from June to an estimated 150.1 million metric tons (mt), according to recent data published by the World Steel Association (worldsteel).
China has requested dispute consultations with Canada at the WTO about Canadian measures on Chinese steel and aluminum imports.
US President Donald Trump extended the US and China’s 90-day pause on planned reciprocal tariffs on Monday.
The total volume of raw steel produced around the globe fell by 5% from May to June, according to recent data published by the World Steel Association (worldsteel).
The Chinese government has threatened countermeasures on Canada following the Canadian government's announcement on curbing steel imports, according to media reports.
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Global raw steel production dipped from March to April, according to the latest release from the World Steel Association.
International trade remains at the forefront of President Trump’s agenda, especially as new negotiations and investigations continue to be announced.
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.
Containers sailing from China in April are down 15%-20% and Hapag Lloyd says their future bookings transpacific are down 30%.
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.
Global raw steel production increased in March, according to the latest figures released by the World Steel Association (worldsteel).
Container shipping lines have sharply increased blank sailings on Transpacific routes in response to escalating trade tensions between the US and China.
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.
The US Trade Representative (USTR) has drafted a proposal targeting the Chinese shipbuilding industry by setting elevated port fees for any maritime shipping company associated with Chinese-built vessels.
The penalties are expected to be reinstated on Wednesday, March 12.
The Trump 1.0 tariffs appeared to have little positive effect on the US manufacturing, partly because they hurt export competitiveness.
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.
US sheet prices surge following tariff announcement
Targets include coal, liquified natural gas, crude oil, and other commodities
The benefits from higher tariffs are speculative and unproven. The disruptions caused by tariffs and other trade restrictions are better documented and cannot be rationally denied. For the tariffs to be good policy, the Trump argument must therefore be sure that the benefits to the US exceed the cost of these disruptions. Otherwise, we have madness masquerading as policy.
The Trump administration will implement 25% tariffs on Canada and Mexico and 10% tariffs on China, according to a White House fact sheet and executive orders circulated on Saturday. The administration said that it would tariff “energy resources” from Canada at a lower rate – 10%. The tariffs will go into effect at 12:01 ET on Tuesday, according to an executive order. The White House documents made no mention of exemptions.
The volume of crude steel produced around the world declined 2% month over month (m/m) in December, according to the World Steel Association (worldsteel). This is the second-consecutive monthly decline in production, following November’s 3% m/m drop.
A bleak outlook for steel demand has undermined market confidence, contributing to the drop in prices.