China’s burgeoning exports are causing major angst all over the world. In the US, the increases are spawning calls for more restrictions on China, some of which might work a bit, but will likely cause more harm than good for the world at large.
The Global Forum on Steel Excess Capacity (GFSEC) reaffirmed on Oct. 8 what domestic steel producers have long known—the threat of excess steel capacity never disappeared and is evolving. China’s steelmakers are boosting capacity and exports, echoing the 2016 global steel crisis. There is no doubt that China is successfully weaponizing excess capacity across many industries, and the fatal damage to domestic production and national security undermines the interests of all market-oriented countries. The question now is: How will GFSEC countries respond?
The US has banned imports from a subsidiary of the world’s largest steelmaker because it is allegedly using forced labor to produce steel products.
Iron ore prices spiked as the Chinese market reopened after the country’s seven day holiday, but the rally started to lose steam on Tuesday afternoon.
China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.
Steel mill output around the world totaled 144.8 million metric tons (mt) in August, the lowest monthly rate of 2024.
Last week, iron ore prices dropped below $90 per dry metric ton (dmt) for the second time in the past two years. However, prices rebounded strongly today and ended the week at $93.5/dmt, driven by the stimulus announcement in China.
The Commerce Department said imports of Chinese pipe will continue to benefit from significant government subsidies if the US countervailing duty (CVD) order against them is allowed to expire.
Global crude steel production fell by 4% month over month (m/m) in July, led by a major drop in Chinese output, which fell 9% m/m.
Nippon Steel and other Japanese steelmakers are lobbying for the Japanese government to limit imports of Chinese steel, according to a report in Reuters.
Canada has announced a 25% tariff on Chinese steel and aluminum, along with a 100% tariff on Chinese EVs.
The chair of China’s Baowu Steel Group recently predicted a “harsh winter” for the Chinese industry as it faces a structural economic slowdown and a property market crisis. As steel industries elsewhere know all too well, China’s “harsh winters” have an unfortunate tendency to blow back on them.
The global steel industry has been overshadowed by China’s surplus in steel supply, wreaking havoc in foreign markets.
Chinese steel export prices decreased for the eleventh week in a row, with all steel products recording losses of 2-3.7% compared to the previous week.
CRU Principal Analyst Henry Hao discusses China's recently reconfigured policy agenda, which could have significant implications for the global commodity markets.
Japan’s Nippon Steel announced it was withdrawing from a joint venture (JV) with China's Baoshan Iron & Steel (Baosteel) that served the Chinese automotive industry.
Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)
Six steel industry organizations have urged House Speaker Mike Johnson to include the Leveling the Playing Field 2.0 Act in any proposed package of legislation against China’s "unfair" trade practices.
GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.
Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.
The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.
High levels of steel imports, especially from China, in recent months are worrying steel makers in India and Vietnam.
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Global steel output eased 2% in June following May’s 14-month high, according to World Steel Association’s (worldsteel) latest release.
The United Kingdom and other countries are using the “green” label to subsidize bailouts of obsolete, inefficient, and excess capacity that should exit the market. US steelmakers have invested billions of dollars in technologies that curb greenhouse gas output. These investments have been market-based and led by EAF producers such as Nucor, Steel Dynamics, and CMC.
There are a lot of rumors swirling around the steel market over the last couple of weeks. Chief among them was that we might see a price hike after Independence Day. Another concerns a key detail in the new Section 232 agreement with Mexico. Namely, steel imported from Brazil into Mexico. Of particular interest is its potential implication for slabs imported from Brazil, rolled in Mexico, and then exported to the US.
Steel is, mostly for historical reasons, a bellwether of international policy. No longer an industry of primary importance, its advocates still proclaim that it is. And steel still continues to punch above its weight in Washington, DC. Below are a few recent examples.
Global Plate prices declined in all regions this week amid slow seasonal demand. With bearish outlooks on demand in the near term, market participants are watching how mills will react to low order entry levels and short lead times. In the US and China, production has been steady, but in Europe, steel mills are contemplating […]
A roundup of CRU aluminum news.
Renewable energy infrastructure, including wind turbines, solar farms, and electric-vehicle charging stations, requires substantial amounts of steel. The domestic steel industry, with its capacity to produce world-class steel with the world’s smallest carbon footprint, should be at the forefront of this supply chain. Yet the United States is increasingly importing steel from abroad to meet its renewable energy needs.