Tag: Section 232

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

United Airlines raised eyebrows earlier this month when it provided two forecasts for 2025 – one assuming a relatively stable economy and another assuming a recession. The reason? Uncertainty around the impact of President Trump’s policy shocks on the broader economy. And it sometimes feels like we’re seeing a battle between those two narratives (stable vs recession) play out within in the pages of this newsletter.

President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.

US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.

Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.

SMU’s Steel Demand Index has moved into contraction, according to late April indicators. The slowdown comes in response to growing tariff uncertainty after the index reached a four-year high in late February.

Representatives from bulk commodity shippers and consumer goods argued against the fees, saying it could cripple supply chains because of the very dominance that China has in the existing shipping fleet.

Operational results painted a picture of a company that produced more aluminum but shipped less of it as a result of tariffs and timing mismatches.

A modest week-to-week change in HR price understates a huge swing in expectations.

The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America

US cold-rolled (CR) coil prices declined this week, slipping for the first time since early February. Most offshore markets deviated, moving higher this week.

Domestic hot-rolled (HR) coil prices declined this week for a third straight week. Most offshore markets bucked the trend and gained ground. Uncertainty in the US market around tariffs, especially after “Liberation Day,” caused US prices to slip as buyers moved to the sidelines. It’s unclear to date whether the 90-day pause on the more […]

For trading partners, the tariffs will reduce demand for exports and depress growth. Over the coming days, trade partners will almost certainly announce retaliation, which will hit US exports.

Respondents to the SMU Survey weigh in on the steel landscape.

The constant flow of information we all receive can be a little overwhelming, but SMU is here to help with a snapshot of the week.

US cold-rolled (CR) coil prices moved higher again this week, while offshore prices were mixed.

Canada imposes auto tariffs, while automaker Stellantis temporarily idles some plants.

Domestic hot-rolled (HR) coil prices declined this week, a trend again reflected in most offshore markets. Despite similarities, the shifting tariff landscape has made for a wild ride in Q1.

Announcing tariffs is easy. Implementing them at the border? That’s a whole different ball game.

The United Arab Emirates’ Emirates (UAE) Emirates Global Aluminum (EGA) announced plans to spend $1.4 trillion dollars in the US over the next 10 years, including a greenfield primary aluminum smelter. Is this real or another soundbite?

US cold-rolled (CR) coil prices increased again this week, while offshore prices declined.

The threat of tariffs over the past two months has been a springboard for US prices. But the Section 232 reinstatement on March 13 narrowed the domestic premium over imports on a landed basis.

The aluminum market is facing a wave of uncertainty following the latest Section 232 tariffs, leaving many in the industry asking the same key questions – from why the Midwest Premium isn’t reacting as expected to how these tariffs will impact Canada, value-added products, and scrap flows – there’s plenty to unpack. We’ve put together […]

US cold-rolled (CR) coil prices moved higher this week, a trend not evenly shared by offshore prices.

Domestic hot-rolled (HR) coil prices were flat this week, a trend mirrored in offshore markets.

Which is more important: producers or consumers? New (and arbitrary) steel and aluminum tariffs took effect last Wednesday. Based on the Section 232 trade restrictions initially imposed in 2018 – and kept by the Biden administration – they abrogate agreements between the US and Canada, Mexico, the UK, the EU, Argentina, Brazil, and Australia. They […]

Fully restored Section 232 tariffs on steel on March 12 cut the widening premium US prices had over most imports on a landed basis.

A quick way to catch up on what you might have missed.

Let's take a look at different tariff scenarios.

Domestic hot-rolled (HR) coil prices moved higher this week, still largely outpacing increases seen in offshore markets. But the reinstatement of undiluted Section 232 tariffs on steel on March 12 cut the ballooning premium stateside prices had gained on most imports on a landed basis. The premium stateside tags had over prices abroad stood at […]