Tag: tariffs

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

I sort of expected big news last Friday and over the long, Memorial Day weekend. Because that's become more the norm than the exception for steel this year. Sure enough, Trump posted on Truth Social on Friday afternoon that he had given his blessing to a “partnership” between Nippon Steel and U.S. Steel. And then over the weekend we had market moving new on tariffs, this time involving the EU.

The European Union is fast-tracking trade negotiations with the US in the hope of avoiding the 50% tariffs threatened by President Trump.

Trump threatens EU with 50% tariff starting June 1.

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.

Zekelman is known for his straight talk. And his company is one of the largest steel buyers in North America. So he’s got a better eye than most on steel market developments.

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

“It was a little more of a seller's market as contractors seemed to be protecting themselves against a potential run up in prices," one buyer said.

International trade remains at the forefront of President Trump’s agenda, especially as new negotiations and investigations continue to be announced.

Let's see what SMU survey respondents are saying about Trump's tariffs.

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

For those who don’t know, we have a monthly scrap survey. It’s very similar to our industry-leading flat-rolled steel survey. We cover market trends, pricing, and sentiment – which helps us keep our finger on the pulse of the scrap market. One thing we’ve learned lately from our surveys here at SMU: The lack of […]

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.

The recently announced US tariffs on vehicles and key components from all markets are expected to significantly disrupt global production.

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

The Mexican government aims to transform Manzanillo into the largest seaport in Latin America, capable of processing some 10 million TEU (20-foot equivalent units) per year by 2030. It is already Mexico's largest port and the third largest in Latin America, handling nearly 4 million 20-foot containers in 2024.

Cliffs came tantalizing close to buying U.S. Steel in 2023. There were rumors in 2024 that Cliffs might buy NLMK USA before it ultimately purchased Stelco for $2.5 billion in November of last year. Who would have thought that asset sales would have been the focal point of discussion just six months later?

The US and UK governments have announced a trade deal in which an “alternative” to the Section 232 steel and aluminum tariffs will be provided.

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).

SMU polled steel buyers on an array of topics earlier this week, including market prices and demand, tariffs and reshoring, inventories and imports, and evolving market trends.

Mercedes-Benz is planning to move production of a “core segment vehicle” to Tuscaloosa, Ala., by 2027.

US Sen. Jim Banks (R-Ohio) and Rep. Frank Mrvan (D-Ind.) have written a letter in support of a “domestically owned and operated American steel industry” being vital to national security.

Baosteel exec comments on market rumors of 50 million tons of output being cut this year, less than 0.5% of the 1 billion tons-plus China has produced annually in recent years.

Given the news about tariffs and bringing back industries to the US, a brief look back in time may show how our economy changes with technological advances and the shifting economies of scale. 

AMU’s Greg Wittbecker, an aluminum industry veteran, will address not only US tariffs but also evolving trade routes - and how supply chains are (or aren’t) adjusting. He’ll also touch on broader industrial impacts, from auto layoffs to the potential ripple effect of maritime tax policies.

We’ve talked about tariffs ad nauseam for much of the year. And I’m afraid this topic isn’t going away anytime soon. There’s a feeling that the tariff “can” will just be kicked down the road again and again, and again.

The tariffs are intended to produce more investment and jobs in US manufacturing. But first, there will be a cosmic change, potentially wiping out millions of jobs in the short run. While administration officials will no doubt cringe at the comparison, it reminds me of the effort to undercut fossil fuels production to address climate change. Led by Democrats, the effort was to destroy fossil fuels so that renewable energy sources would have more space to grow. The result: inflation and electoral defeat in 2024.

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.

With so much happening in the news cycle, we want to make it easier. Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.