Tag: tariffs

A fierce flat price rally started this week that saw the nearby months rally by over $120/ short tons, exceeding the contract highs seen in February ahead of the first batch of tariffs.

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

Cleveland-Cliffs Chairman, President, and CEO Lourenco Goncalves said he would keep one mill idled and still plans to idle another despite increased protections from Section 232 tariffs doubling to 50%.

All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.

Mexican steel trade group Canacero has condemned the US’ actions of raising tariffs on steel and aluminum to 50% from 25%.

On Monday and Tuesday, SMU polled steel buyers for their thoughts on the current market. We received an array of feedback, including prices, demand, inventories, imports, and evolving market events.

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.

We're about to hit 50% Section 232 steel tariffs. What could happen?

The speed and scale of recent moves are reminders of just how sensitive HRC futures remain to structural shifts and sentiment cues.

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.

How have tariff revelations affected the June market?

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

Late Friday, President Trump said he would double down on tariffs, raising duties on imported steel and aluminum from 25% to 50%.

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.

At a rally celebrating a “planned partnership” between U.S. Steel and Nippon Steel, President Trump announced higher tariffs on steel and aluminum imports into the United States, and revealed few more details on Nippon’s investment in USS’ operations.

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?

What's going on in West Coast ports?

The “on again, off again” Trump tariff train continues to chug along, with several important court rulings this week.

“Unless the administration actually gets serious about levelling the playing field… for consumers of steel, then everything they've done on the steel side is useless."

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.