Final Thoughts

This is my gut feeling, my opinion based on what I have been reading and watching in the news like everyone else. The world is trying to figure out if President Trump is going to start a trade war and the first bullets are made with flat rolled steel, pipe and long products. I am getting the feeling that what ultimately comes out of the Section 232 process will be less attractive to the U.S. steel mills than what they thought they were originally going to get. By the way, I have been hearing the mills want quotas and Trump is leaning toward an across the board tariff.

By the way, ferrous scrap prices are slow to develop. There have been some obsolete deals done at sideways numbers but, our sources are telling us no prime deals yet. The Detroit market which normally leads has not settled. We will have more details about scrap and scrap pricing in Sunday evenings issue of Steel Market Update.