Tag: Section 232

Domestic hot-rolled coil prices edged up marginally this week, while offshore prices ticked down.

Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, June 11, at 11 am ET. It’s free to attend.

This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.

I think there is an obvious case for sheet and plate prices going higher from here. That’s because, on a very basic level, the floor for flat-rolled steel prices, which is typically provided by imports, is now significantly higher than it was a week ago.

US manufacturers brace for the implications spurred by the latest round of Section 232 tariffs.

New light vehicle sales slumped in May to 15.6 million as the buying rush faded from consumers signing ahead tariff increases.

President Donald Trump on Tuesday evening signed a proclamation that officially doubled Section 232 tariffs on imported steel and aluminum from 25% to 50%. There was one exception: Section 232 tariffs on steel and aluminum from the United Kingdom will remain at 25%, according to a fact sheet published by the White House.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves offered full-throated support for Section 232 tariffs on imported steel being doubled to 50%. And the top executive of the Cleveland-based steelmaker said the steel industry wanted to see as few exceptions as possible to the tariffs.

Following eight consecutive weeks of declines, sheet and plate prices saw some upward movement this week in the wake of last Friday’s Section 232 tariff increase announcement. Gains varied by product.

Meanwhile, several US trade groups applauded the latest trade announcement.

Section 232 tariffs of 50% on imported steel will go into effect on Wednesday with few exceptions, according to a top White House official.

Just when we thought we’d get a breather from tariffs news, we’re back in the thick of it.

Briefing on the stay motion will be completed by June 9. If a stay pending appeal is granted, it will likely remain in effect until the Court of Appeals issues a decision, which could be months in the future. The case is almost certain to be appealed to the Supreme Court.

Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. Timna has coined Sheet Storm, Galv Galore, and Rebarmageddon. Her forecasts and insights are always though provoking. And she’s not afraid to speak her mind. So it's no surprise that she's one of our most popular guests!

International trade attorneys discuss court decisions this week that left many importers, manufacturers, and even casual observers wondering: What’s next?

Domestic hot-rolled coil prices moved lower again, maintaining the downward move seen in eight of the last 10 weeks.

Domestic hot-rolled (HR) coil prices were flat this week after declining seven of the last nine weeks. Offshore prices have also eroded in recent weeks, though not nearly as significantly as in the US.

Since March 21 when UAE announced plans to invest $1.4 trillion in the US, including an aluminum smelter, the market has been waiting for details. Now, we have some.

US cold-rolled (CR) coil prices were down again this week, slipping six weeks in a row and seeing the sharpest drop-off since last July.

Domestic hot-rolled (HR) coil prices fell this week, now down seven of the last eight weeks.

Quotas featured in the UK agreement may show up in future deals.

CRU Group revised down its forecast for North American auto production by about 800,000 to 14.7 million this year.

The UK deal may signal relaxation of the heaviest tariffs. The suspension of the reciprocal tariffs greater than 10% - remember, 57 countries were hit with that - ends on July 9. But it could be extended. If more deals like the one with the UK are struck, the suspensions may continue to permit more agreements - relieving global markets of considerable worry.

Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.

US cold-rolled (CR) coil prices moved lower again this week, slipping five weeks in a row now. Most offshore markets mirrored the move, ticking down as well.

Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.

Domestic hot-rolled (HR) coil prices moved lower this week, now down six of the last seven weeks. Recent price erosion has been seen in offshore markets, keeping the price gap between imports and domestic products largely flat week on week (w/w).

The US Commerce Department has set up an “inclusions process” to add derivative aluminum and steel articles within the scope of the new Section 232 tariffs.

US cold-rolled (CR) coil prices edged lower again this week, slipping four weeks in a row now. Most offshore markets mirrored the move, ticking down marginally as well.

Section 232 returned on March 12, and since then, the price gap between offshore and US hot band has tightened.