The US International Trade Commission is not afraid to air out dirty laundry. On August 3, the USITC ruled to maintain the existing antidumping duties on imports of large residential washing machines from China. The duties have been in place since 2016. Under the current order, a large residential washing machine is considered to be any […]
Ternium executives provided an update on the company’s new Pesquería hot strip mill and plans for a greenfield electric-arc furnace in North America on the company’s second quarter earnings conference call on Wednesday, August 3. Weak demand and falling prices are impacting the company, but it remains positive on its plans moving forward. Updates on […]
ArcelorMittal SA has agreed to buy Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) from Brazilian iron ore miner Vale SA and shareholders. The deal is worth $2.2 billion and is expected to be completed late this year. CSP is a joint venture between Vale, which holds a 50% stake in the company, and South Korean steelmakers […]
US plate prices were largely unchanged this week, but probably not for long now that Nucor has significantly lowered plate prices with the opening of its September plate order book. The move came after Nucor in early July kept prices flat with the opening of its August order book. Discrete plate prices, as well as prices […]
By Greg Wittbecker, Advisor, CRU Group US International Trade Commission hearings provide little direction Last week in DC, the US International Trade Commission (ITC) held a series of public meetings and hearings to take comments on current Section 232 tariffs. Representatives from throughout the value chain were in attendance. The Aluminum Association participated in a […]
Preliminary Census data indicates that June steel imports will total 2.81 million net tons, just 61,000 tons higher than May levels. June figures are down 9% compared to March’s 26-month high of 3.09 million tons. Import licenses for July are currently at 2.15 million tons through July 25th data. (July figures are expected to increase as import […]
Foreign hot-rolled steel imports have all but lost their appeal this week and are now at levels comparable to domestic steel prices, according to Steel Market Update’s latest analysis. Since mid May, US steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects including steel prices, supply and demand, and new mill capacity. We are sharing some of the comments we received in each buyer’s own words rather than summarizing them in ours. Want to have your voice heard? Contact Brett@SteelMarketUpdate.com to […]
Eyes glaze over when trade laws are discussed. Despite this, I think it useful to delve a bit into details on occasion. A couple of recent developments prompt me to do so this week. First, the US International Trade Commission (ITC) voted unanimously last week that material injury was not done to the domestic industry […]
We were close to peak steel prices this time a year ago. Are we now close to peak pessimism? Your answer to that question might depend on whether you’re working at a steel mill or at a service center. We’ve noticed a big split in sentiment lately. Roughly 40% of respondents to our surveys – […]
New sheet and plate capacity from Nucor will be entering the market in force by the end of this year, just in time for an anticipated increase in infrastructure demand, company executives said. Whether those facilities ramp up to their nameplate capacity will ultimately depend on demand, they added. “While we recognize there is considerable […]
The appeal to import cheaper foreign hot-rolled coil (HRC) instead of domestic steel continues to lessen, according to Steel Market Update’s latest foreign versus domestic price comparison. For the past two months, domestic steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking. After […]
The US International Trade Commission has completed five-year sunset reviews of import duties on cold-rolled steel flat products from six countries. While determining that the duties on imports from five of the countries should be continued, the ITC also decided to allow the duties on Brazilian product to expire. The ITC conducted full sunset reviews […]
Flat Rolled = 55 Shipping Days of Supply Plate = 54.7 Shipping Days of Supply Flat Rolled US service center flat rolled inventories edged up in June. At the end of June, service centers carried 55 shipping days of supply on an adjusted basis, according to SMU data. This was up from 54.7 shipping days […]
President Biden visited the Middle East last week. He touched down at Andrews Air Force Base in Maryland early Sunday morning. Every presidential trip is and must be evaluated by what else is going on. This one was originally billed as routine: to attend a summit meeting of the Gulf Cooperation Council (GCC), a group […]
Kaiser declares force majeure due to an inability to secure its required magnesium Kaiser Aluminum, which operates a major aluminum can sheet rolling mill in Warrick, Ind., declared force majeure on July 8, citing its inability to obtain enough magnesium to sustain its production. Kaiser’s mill specializes in the production of food container and beverage […]
US imports of corrosion-resistant steel products from five origins will continue to be subject to antidumping and countervailing duties for at least another five years. The US International Trade Commission concluded five-year sunset reviews of the duties on the imports from China, India, Italy, South Korea, and Taiwan, determining that allowing the duties to expire, […]
Total mill shipments of steel products grew in May, after shrinking the month prior. May’s mill shipments totaled 8.38 million tons, a 3.1% increase from April’s 8.12 million tons. Apparent supply also recovered in May, up 3.9% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel Institute […]
Imported sheet and plate products arrived at US ports at a slower pace in May, resulting in them accounting for a lower share of the domestic market, according to Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, reaching their highest levels in the past 4.5 years. The trend was […]
Sheet prices continued to slide this week and plate prices to defy gravity. If there is an upside, it’s that the pace of sheet declines has moderated slightly. SMU’s hot-rolled coil price now stands at $910 per ton ($45.50 per cwt), down $45 per ton from $955 per ton a week ago and down $190 […]
US apparent steel supply increased 4% from April to May, rising to 9.48 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute data. Recall that supply reached a six-year high last September at 9.92 million tons, declining each month through February. May’s supply level is now the […]
I promised there would be more “Final Thoughts” from me before I retire. Today, I am going to write about conversations I had with steel buyers late last week about the market. But first, a couple of key reminders that are important (at least to me): • SMU Steel Summit Conference = 43 days (Aug. […]
There has been a broad consensus that wherever the current market bottoms will be higher than pre-pandemic norms. But as our latest survey results indicate, estimates of where that bottom is keep moving lower. About half of respondents to our latest survey think prices will be $800-899 per ton two months from now. In late […]
Final Census data reveals that May steel imports totaled 2.75 million net tons, just 17,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are at 2.79 million tons through July 6th data, (up from 2.29 million tons last week), now in line with April and […]
The appeal of foreign hot rolled coil (HRC) over domestic steel is slowly diminishing, according to SMU’s latest foreign versus domestic HRC price comparison. Between mid-April and late May, foreign steel prices generally declined at a faster rate than domestic prices, resulting in greater potential discounts on imported products. Now, domestic prices are declining at a faster […]
Preliminary Census data shows that steel imports in May currently total 2.74 million net tons, 6,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are now at 2.29 million tons, 16% less than April and May levels, and potentially the lowest level seen since Feb. […]
Tariffs on China have been controversial from the beginning. Passions run high, and it’s sometimes hard to find a middle ground on policy matters concerning China. The tariffs at issue are those imposed on Chinese goods under Section 301 of the Trade Act of 1974, as amended. Over the next few months, the Biden administration […]
The temptation to purchase foreign hot rolled coil (HRC) over domestic steel is beginning to ease, according to SMU’s latest foreign versus domestic HRC price comparison. Foreign products now hold potential discounts of 9-15% over domestic steel, versus savings of 12-26% one month ago. Between mid-April and late May, foreign steel prices generally declined at […]
I’m running out of ways to write about steel prices going down because I’ve been doing it since late April. There are the usual reasons plus a few new ones. There had been hopes that China would come out of Covid lockdowns, that Beijing would roll out stimulus, and that Asian HRC prices would set […]
The World Trade Organization just concluded its 12th Ministerial Conference since the launch of the ill-fated Doha Development Agenda in 2001. The conference stayed in session past its scheduled end, and it reached agreements that surprised many WTO observers. A lot of credit goes to WTO Director General Ngozi Okonjo-Iweala of Nigeria, who kept the ministers […]