Tag: Section 232

Algoma Steel narrowed its earnings loss by 13.2% in the second quarter as the company's electric-arc furnace (EAF) steelmaking ramped up further.

The US government has requested that Mexico impose tariffs similar to Section 232 on steel and aluminum imports from outside North America, according to a report in Bloomberg on Sunday.

The busy summer for US trade, which we wrote about previously, is heating up with new Section 301 forced labor duties of 10-12.5% imposed on 60 countries and new Section 338 duties of 50% announced on certain Canadian imports.

Cleveland-Cliffs’ top executive said any restart of the blast furnace at its Dearborn Works in Michigan hinges on automakers reshoring more production to the US.

SMU’s average price for domestic HR remained flat, holding firm for the past three weeks. In offshore markets last week, prices mainly moved higher.

Notably, pig iron is not excluded from the proposed Brazil measures. This would represent a change from the Brazil EEPA tariffs, which excluded pig iron.

Cold-rolled (CR) coil prices were unchanged in the US this week, while offshore prices varied, though mostly trended up.

SMU’s average price for domestic HR was unchanged vs. last week. In offshore markets last week, while prices diverged, the dynamic between stateside and imported product varied little.

Imports from Europe are at parity with domestic hot rolled, while Southeast Asian products remain at a considerable discount. The result comes because a stateside rally coincides with faltering offshore prices.

Cleveland-Cliffs plans to upgrade its ironmaking process at Middletown Works, according to a permit filing with the Ohio EPA.

We asked our readers what they thought the outcome of the ongoing USMCA talks might be as far as Section 232 tariffs go. Very few see an elimination of tariffs as likely.

We’ve gotten so used to the slow, steady increases by now that $5/ton feels like the new flat. And flat, after so many consecutive weeks of gains, feels like a decrease.

As all these initiatives unfold, one is left with the feeling that disruption of the global order is their primary purpose. As the old order is destroyed, it is time to think carefully about what will take its place.

Cold-rolled coil prices moved higher in the US this week, as offshore prices trended lower. Imports are, as a result, increasingly more competitive, even with the 50% Section 232 tariff.

SMU’s average price for domestic HR was $1,145 per short ton (st) this week, $15/st higher week over week (w/w). In offshore markets last week, prices moved down, largely maintaining a trend seen since late April.

As the US enters negotiations and possible annual reviews of the USMCA, policymakers should preserve the S232 tariffs, which have clearly been necessary to protect the US steel industry.

Cold-rolled (CR) coil prices ticked up in the US this week, as offshore prices mostly trended lower.

SMU’s average price for domestic HR was $1,130 per short ton (st) this week, $15/st higher week over week (w/w). In offshore markets last week, prices were largely down, following a trend seen since late April.

SMU and AMU are pleased to announce that Wells Fargo Managing Director Timna Tanners will be joining us for a Community Chat webinar on Wednesday, June 24, at 11 am ET.

Sheet prices in the USA continued to move higher over the past month as supply remained tight in the country

The price gap between US hot-rolled coil (HR) and landed offshore product continues to narrow, as stateside prices are now, on average, carrying a premium over imports. Domestic tags are still outpacing imported hot band as pricing dynamics diverge.

The next few months are poised to be momentous for US trade and tariff policy. Of note, the United States, Mexico, and Canada are beginning the six-year review of the US-Canada-Mexico Agreement (USMCA).

The price gap between US hot-rolled coil (HR) and landed offshore product continues to narrow toward parity.

If an industry suffers from high labor and energy costs, inefficient facilities, or lower productivity, tariffs do not solve those problems. They only mask them, transferring costs from inefficient producers to consumers.

Unsurprisingly, the Trump-Xi Beijing summit ended without a major announcement on trade. Behind the celebratory mood and photo-ops are years of economic harm from China’s predatory trade practices that cannot be overcome in a single meeting.

The process to reduce Section 232 steel and aluminum tariffs for producers in Mexico and Canada garnered mixed reactions from steel and metals’ supply chain advocacy groups.  

A panel of steel executives said bolstering trade also protects it from the Iran war and other geopolitical risks.

The Canadian government has announced CAD$1.5 billion (USD$1.1 billion) in funding available to help companies impacted by US metals tariffs.

The price gap between US hot-rolled coil (HR) and landed offshore product tightened this week. The dynamic continues even as stateside and import prices diverged a bit vs. the prior week.

Last week, Steel Market Update and CRU hosted our inaugural VIP Briefing in Chicago ahead of the Scouting America Metals Industry Dinner.