I don’t know how to keep up with the changing winds associated with President Trump when it comes to trade, trade negotiations and the Section 232 tariffs (or threats of tariffs). According to Bloomberg, Trump said that he may delay the revamped trade agreement reached with South Korea that includes a quota and permanent exclusion […]
The U.S. and South Korea have reached an agreement on amendments to the KORUS agreement. In return for exemption from Section 232 tariffs, Korea will reduce its steel exports to the U.S. by 30 percent to 2.68 million tons annually. In addition, Korea agreed to increase automotive imports from the U.S. to 50,000 vehicles per […]
Ferrous scrap prices are expected to rise $20 to $30 per gross ton in April, and possibly more, according to Steel Market Update sources. All grades are expected to see increases, and with relative parity across the country. One dealer told SMU there is pressure on obsolete grades as the long winter has impeded the […]
U.S. steel exports jumped by more than one-tenth to start the year, rising to 831,184 net tons in January, according to the American Institute for International Steel, which represents foreign steel producers. The monthly total, which was 10.5 percent higher than in December and 1.6 percent above the January 2017 level, included 429,384 net tons […]
U.S. steel exports jumped by more than one-tenth to start the year, rising to 831,184 net tons in January, according to the American Institute for International Steel, which represents foreign steel producers. The monthly total, which was 10.5 percent higher than in December and 1.6 percent above the January 2017 level, included 429,384 net tons […]
The world’s scrap trade continues to expand as the growth of global GDP accelerates. Steel Market Update performs this analysis quarterly to help readers understand the gyrations of the global scrap market. This data is a quarter in arrears because some nations are slow to report. In the 12 months of 2017, U.S. scrap exports increased […]
President Trump’s Section 232 steel tariffs went into effect at 12:01 a.m. ET on Friday—but hardly as expected. At the last minute, the president suspended the tariffs for a large group of ally nations until May 1 while negotiations continue. The suspension could head off retaliatory trade measures threatened by various foreign countries, at least […]
New home sales dipped 0.6 percent in February to a seasonally adjusted annual rate of 618,000, according to the latest data from the Department of Commerce. The rate was 0.5 percent higher than the February 2017 estimate. “The recent upward revisions to the sales numbers reflect our forecast for a gradual strengthening of the single-family […]
With the announcement that seven countries will be exempt from the steel tariffs that take effect tomorrow, less than one-third of U.S. steel imports will be subject to the tariffs, by some estimates. U.S. Trade Representative Robert Lighthizer said during a Senate Finance Committee hearing today that the President has decided “to pause the imposition […]
The Section 232 tariffs go into effect tomorrow and already they are being watered down with country exclusions. U.S. Trade Representative Robert Lighthizer is now adding all of Europe, South Korea (one of the biggest importers of Chinese steel), Brazil, Argentina and Australia to the list of countries whose steel exports to the U.S. will […]
Anticipating the U.S. Commerce Department will soon begin considering applications for exemptions from the Trump administration tariffs on steel and aluminum, South Korea’s Dongkuk Steel has reportedly suspended its April exports to the United States. Reuters quoted a company spokesman who said the steelmaker has put its exports to the U.S. temporarily on hold while […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is a […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 steel tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is […]
Even though the Commerce Department has until next week to issue procedures for handling exclusion requests, Australian Prime Minister Malcolm Turnbull has announced via Twitter that his nation will be exempt from the tariffs on steel and aluminum imposed by the Trump administration March 8. The United States’ closest trading partners, Canada and Mexico, were […]
President Trump made headlines this week when he slapped a 25 percent tariff on steel imports from all nations except Canada and Mexico. His rationale is that the U.S. should treat other countries the way they treat us. Steel Market Update has heard many incorrect statements about how the rest of the industrialized world treats […]
Apparent steel supply for the month of January 2018 rose month-over-month but fell year-over-year to 9,158,850 net tons, according to the latest data from the U.S. Department of Commerce and the American Iron and Steel Institute. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. […]
President Trump made headlines this week when he slapped a 25 percent tariff on steel imports from all nations except Canada and Mexico. His rationale is that the U.S. should treat other countries the way they treat us. Steel Market Update has heard many incorrect statements about how the rest of the industrialized world treats […]
Total rolled steel imports declined by 14.8 percent, and sheet products by 13.6 percent, in the three months through February compared to the prior three-month period, according to Steel Market Update’s analysis of federal Steel Import Monitoring and Analysis (SIMA) data. This is the second edition of our new and expanded import report that now […]
U.S. steel exports in January totaled 831,184 net tons (754,038 metric tons), up 10.5 percent from the month before, and up 1.6 percent from January 2017. Total exports have averaged around 850,000 tons over the last few months after reaching a 2.5-year high in May 2017 (1,006,087 tons). The total January export figure is above […]
Global manufacturing expanded at a solid pace in February, according to the J.P.Morgan Global Manufacturing PMI. The composite PMI inched downward for the second month to 54.2, indicating solid but slower growth. Industrial nations saw growth rates decelerate somewhat in February including the U.S., Eurozone, Japan and the UK. Improvement of manufacturing conditions was brisker […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
The following article was written by trade attorney Lewis E. Leibowitz. In the article, he discusses what the president said he would do (25% tariff on steel, 10% aluminum) and what happens next (assuming the president actually announces the tariffs officially next week). Leibowitz will be at this year’s SMU Steel Summit Conference where we […]
Steel imports surged more than 17 percent from December to January, reaching 2.87 million net tons, 2.1 percent higher than at the start of last year, according to data from the American Institute for International Steel. Imports from Canada increased nearly 13 percent to 558,000 net tons, 5 percent ahead of the January 2017 total, […]
President Trump has made no official announcement about his plans for Section 232, leaving the steel market to speculate on last week’s Commerce Department recommendations. The majority of respondents to this week’s Steel Market Update market trends questionnaire are guessing he will come up with his own solution to combat unfair imports. The Commerce recommendations […]
Ternium has extended its agreement to supply steel slabs to AM/NS Calvert for an additional 12 months, until December 2020. During Ternium’s fourth-quarter earnings call, CEO Daniel Novegil said Ternium Brazil will deliver the remaining 3.5 million metric tons of slab in annual increments of 1.2 million tons per year instead of 2.0 million tons […]
U.S. steel exports in December totaled 751,977 net tons (682,183 metric tons), down 14.8 percent from November, but up 3.5 percent from December 2016. Total exports have averaged around 885,000 tons over the last few months after reaching a 2.5-year high in May (1,006,087 tons). The total December export figure is below the three-month moving […]
Apparent steel supply for the month of December 2017 showed a decline month-over-month and also year-over-year to 8,501,642 net tons, according to the latest data from the U.S. Department of Commerce and the American Iron and Steel Institute. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting […]
Total rolled steel imports declined by 15.0 percent, and sheet products by 17.3 percent, in the three months through January compared to the prior three-month period, according to Steel Market Update’s analysis of federal Steel Import Monitoring and Analysis (SIMA) data. This month’s SMU report was delayed as we performed a major revamp of […]
Scrap, iron ore and zinc prices advanced in February, while the price of coking coal has declined by $4 per ton since mid-January. To put the raw materials analysis into perspective, Figure 1 shows the spread between Chicago #1 busheling and hot rolled coil ex works Indiana through Feb. 9, both in dollars per net […]
The possible forthcoming Section 232 decisions on steel and aluminum imports have alarmed nations across the globe. Commerce Secretary Wilbur Ross said he “wouldn’t be surprised if there were retaliations to the measures,” but perhaps he underestimated the negative response to his recommendations. Numerous countries have expressed concern for their own domestic markets, while others […]