The question of the new world order was on many minds last week when I spoke on another SMU Community Chat. The short answer is that nobody knows in detail what the effects of all the economic and geopolitical developments will be.
On Monday and Tuesday of 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 latest SMU Community Chat webinar reply featuring Lewis Leibowitz, trade attorney and SMU columnist, is now available on our website to all members.
The volume of steel shipped outside of the country in June fell 3% from the prior month to 618,000 short tons (st), according to recently released data from the US Department of Commerce.
The tariffs amount to a wholesale transformation of US trade policy from one promoting increasing international interaction to one of restricting trade to serve national strategic goals.
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.
As the president’s August 1 tariff deadline approaches, the “Let’s Make a Deal” game show returns to primetime (the Monty Hall version, of course). As the administration begins rolling out trade deals, we are starting to see what’s behind door number one and who is getting a “zonk.”
Industries that use steel in manufacturing employ many more workers than steel production. Raising the cost of steel for these customers will not increase manufacturing employment. In fact, it will probably hit employment hard.
Tariff threats on Brazil aren't just hitting steel products. Aluminum is also feeling the heat.
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
Following one of the lowest levels seen in more than two years, US steel imports rebounded from April to May. However, trade remains low relative to recent years. Preliminary license data suggests another fall in June.
It will be a shorter week as the United States celebrates Independence Day on Friday. But we won’t leave you high and dry.
Canada has implemented tariff-rate quotas (TRQs) on steel imports to help stabilize its domestic market.
Most economists will tell you that universal tariffs will result in inflation and reduce demand, causing a recession or worse. (After all, this is what happened in the 1930s). It is a rare product that is so essential that demand will not go down if prices go up.
“Contractors say that they're still busy, but their order books have gotten a lot softer or a lot more uncertain,” said Ken Simonson, chief economist for The Associated General Contractors of America.
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
Your highlights on the week in trade developments, price increases, scrap news, and more.
The moves include reciprocal procurement restrictions, import quotas, and the formation of stakeholder task forces for aluminum industries.
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Freight rates have risen $30-$50 on transatlantic cargoes, depending on the final destination.
The Mexican government shut down two plants and warehouses operated by US-based LAU Industries.
In short, when tariffs go up, jobs in consuming industries go down. There is conclusive evidence from past actions: safeguard tariffs in 2002 and Section 232 tariffs in 2018. It is happening again in 2025. The Trump administration wants foreign producers (and US retailers) to absorb tariff increases (except in antidumping cases, where foreign absorption of tariffs is illegal).
More developments with USS-Nippon. A look at whether imports will be needed. The latest prices. And more.
US steel exports totaled 579,000 short tons (st) in April, according to US Department of Commerce data. That's the lowest monthly volume recorded since July 2020.
If we review the price trends for the last two years, we can see this year’s pattern following a similar path.
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.
Just when we thought we’d get a breather from tariffs news, we’re back in the thick of it.
With higher tariff rates on steel and aluminum set to go into effect on Wednesday, June 4, a new round of chaos across the supply chain is likely in store. Expect a significant impact on manufacturers and metal fabricators. But even before the latest round of Trump-tariff whiplash on Friday evening, there was a lot of interesting data coming out of SMU's steel-market survey.
“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."