Tag: tariffs

The latest 10% tariff is expected to be enacted over the next several days using Section 122.

SMU's Steel Buyers’ Sentiment Indices continue to show that steel buyers are optimistic for their businesses’ chances of success.

Waiting for possibly more changes to tariffs.

Barry Zekelman used his Tampa Steel Conference fireside chat to deliver one of the bluntest assessments yet of the forces shaping North American steel. He warned that a flawed tariff structure and an impending power crunch threaten the industry more than most realize.

The US House of Representatives voted on a resolution on Wednesday, Feb. 11, to disapprove of President Trump's national emergency declaration that led to the imposition of tariffs on Canada. 

Last week, news stories (first in the Financial Times) appeared that the Trump administration was working on adjustments to steel and aluminum derivative tariffs. Ostensibly, these tariffs are only imposed on the steel or aluminum “content” of derivative products. But Customs has not provided clear guidance on how to calculate content. Confusion and controversy are running rampant.

Strategic Resources also discussed its project in Quebec, which will include a 4-million-ton/year DRI-quality iron ore pelletizer. It also plans to build a plant to produce DRI, then convert it to pig iron in an EAF.

Hot-rolled coil hovering near $970 per ton could push toward $1,000, but Timna Tanners cautioned at the Tampa Steel Conference that anything “much above that” becomes difficult to sustain. Still, she argued that mills’ slow, disciplined price increases are working in their favor.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.

The price gap between US hot-rolled coil (HR/HRC) and landed offshore product was largely flat this week, as price movements stateside and abroad mirrored each other. Still, the premium for US hot band over imports has remained in a relatively tight band since early December.

President Trump signed an Executive Order (EO) on Feb. 6 allowing the administration to impose tariffs on countries that do business with Iran.

Former smelter sites have become increasingly attractive to data center developers competing for electricity to support AI.

The price gap between US hot-rolled coil and landed offshore product narrowed this week, as price movements stateside and abroad diverged.

The latest Institute for Supply Management (ISM)’s Manufacturing PMI report found manufacturing activity expanded in January 2026. The preceding 26 consecutive months’ reports showed manufacturing activity in contraction.    

The Tampa Steel Conference will kick off just a few days after the Super Bowl, and I think it’s fair to say that we could be reacting to market developments in real time – again.

There is no evidence that unofficial talks are taking place to secure tariff reductions on Canadian aluminum or steel. One of the biggest challenges is simply understanding what the US actually wants from Canada.

Tariffs affect different parts of the economy differently. Tariffs on steel imports have contributed to price increases from domestic mills, improving their bottom lines. But orders from customers are slowing down, hurting downstream industries’ profitability and job prospects.

This news item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com. Canada’s Algoma Steel signed a binding Memorandum of Understanding (MoU) with Hanwha Ocean to support Canada’s submarine program and Algoma’s diversification strategy. A new structural steel beam mill may result. Financial support, subject to conditions being […]

A coalition of US steel industry CEOs has formally urged President Trump to maintain—and fully enforce—current Section 232 tariffs on steel and steel‑containing goods.

The price gap between US hot-rolled coil and landed offshore product inched higher, even as prices stateside and abroad mostly moved in tandem vs. last week.

SMU polled steel buyers on an array of topics earlier this week, ranging from market prices and demand, to inventories, imports, and evolving market events.

President Donald Trump in a post on Truth Social threatened to impose 100% tariffs on all exports from Canada into the US. It would be boastful (but not entirely inaccurate) to say you read it in SMU and heard it on Aluminum Market Update (AMU) first.

If forced to choose between Canada and Mexico, many manufacturers are likely to prioritize Mexico as the more important manufacturing hub.

The plate market’s swell of optimistic sentiment marking the start of 2026 dissipated this week.  

The price gap between US hot-rolled coil (HR) and landed offshore product has been relatively flat to begin the year.

US steel imports have fallen sharply under the new 50% Section 232 tariff regime. Jerry Richardson, general director of CSN LLC, discussed on an SMU Community Chat this week how the market is now structurally tighter and more volatile than at any point in the past decade.

Does the level of geopolitical uncertainty get to the point where it impacts not only the stock market but also the broader steel market? Could we see a repeat of Liberation Day, or will the news cycle move on to something else by the end of the week? I don't pretend to know what might happen in Davos. Suffice it to say, it’s going to be a newsy week.

CSN LLC General Director Jerry Richardson will join Steel Market Update (SMU) for a Community Chat on Wednesday, Jan. 21, at 11 am ET.

Last week, the government of China reported a trade balance of $1.12 trillion in 2025, the largest merchandise trade surplus in history. And this surplus was despite massive tariffs imposed by the United States and other countries, partly in an effort to rein in China’s trade juggernaut.

Members of the Congressional Steel Caucus met in Washington on Wednesday to assess the state of the domestic steel industry. Lawmakers and industry leaders discussed the importance of Section 232 tariffs, strong trade enforcement, and continued investment in American steelmaking.