A long-running legal fight over whether former President Donald Trump had legal authority to double Turkey’s Section 232 steel tariff to 50% might be headed to the Supreme Court. Attorneys representing a Turkish mill and consumers of Turkish steel last month filed a request – also known as a “writ of certiorari” – asking the […]
Steel prices declined for the third consecutive month in November, following a 12-month streak of continuous price increases. Hot-rolled coil prices declined $105 per ton throughout the month, with the SMU index averaging $1,770 per ton ($88.50 per cwt) as of Tuesday, Nov. 30. The SMU Price Momentum Indicator for hot-rolled coil was adjusted from Neutral […]
Reibus, the independent metals marketplace, has raised $75 million in Series B funding led by SoftBank Vision Fund 2. With this investment, Reibus claims total funding in excess of $100 million and a valuation of $750 million. The funding from SoftBank Vision Fund 2 adds to prior investment by Canaan Partners, Nosara Capital, Battery Ventures, […]
Coming off a year of strong growth, Reibus is looking to 2022 with guarded optimism. John Armstrong, president and CEO of the Atlanta-based online marketplace, anticipates more volatility ahead for the metals market. “We have budgeted for a 25% decrease in steel prices next year. That is our forecast, and we have built our business […]
The U.S. Commerce Department has released product- and country-specific information on the tariff-rate quota (TRQ) for individual European Union member states. Among the biggest winners are Dutch hot rolled, Swedish cold rolled, and German plate. A complete list of quotas for individual steel products and countries is below. For steel products, click here. Our friends […]
By Greg Wittbecker, Advisor, CRU Group Prices are higher…. why aren’t we seeing more aluminum production? One of the most natural questions being asked in the world of aluminum is “with LME prices up so much year on year, why aren’t we seeing more capacity coming back to life?” It IS an appropriate question and […]
South Korea wants the U.S. to start negotiations to ease Section 232 on its steel exports as soon as possible, according to local media reports. The latest call came during meetings this week between U.S. trade officials and their South Korean counterparts in Seoul. “We once again delivered our stance and concerns regarding the Section […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. Through Nov. 18, iron ore prices fell 27% from one month prior, aluminum prices are down 17%, zinc prices declined 15%, and coking coal prices decreased 4%. In that same time frame, shredded scrap prices […]
With 2022 right around the corner, it’s time to reflect back on an unusual and eventful year for the steel industry. Following is Steel Market Update’s Top 10 News Events of 2021: #10 – Economy Rebounds from COVID: No one could have predicted when the virus crippled commerce in the spring of 2020 that the […]
By CRU Senior Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service, Nov. 18 In the last several weeks, U.S. sheet prices have started to decline, though prices remain well above global prices. Under pressure from imports and service centers eager to sell high-cost inventory before the end of the year, prices for processed […]
The Oct. 31 agreement between the U.S. and the EU to replace Section 232 with a tariff-rate quota (TRQ) will likely serve as a model for similar trade deals with other countries that are chafing under the Trump-era tariff, said veteran Washington trade attorney Lewis Leibowitz during Wednesday’s SMU Community Chat. The Biden administration began […]
By Trade Attorney Lewis Leibowitz Last Wednesday, it was my pleasure to join many readers on the latest Steel Market Update Community Chat. After a brief rundown of current issues affecting the steel sector and its customers, we had a lively round of questions, refereed by SMU Senior Editor Michael Cowden. We didn’t get to […]
By Greg Wittbecker, Advisor, CRU Group Quotas in exchange for exemption, a bad precedent for other countries There has been much written about the new détente between the EU27 and the USA in the aftermath of the deal to suspend duties on European steel and aluminum. There are also reports that something may also be […]
The U.S. and Japan have officially begun talks that could lead to an easing of Section 232 tariffs on Japanese steel and aluminum exports. Those negotiations are part of a broader bilateral discussion on ways to reduce excess steel- and aluminum-making capacity globally, most of which the U.S. says is driven by China. “The United […]
Producer prices rose at a slightly higher rate in October, according to data released by the Labor Department. Supply-chain bottlenecks and shortages continue to drive manufacturing and shipping costs, keeping the historic climb for the index and subcategories for final demand moving up. Since falling in early 2020, the composite Producer Price Index (PPI) of […]
Ternium is considering adding a new electric arc furnace to its operations in North America as well as downstream cold rolling and coating capability. That’s according to sources familiar with the matter and as indiciated in recent public comments from company executives. The most likely candidate for any new EAF would be Pesquería, Mexico – […]
By Trade Attorney Lewis Leibowitz I summarized the newly announced trade deals between the United States and the European Union last week. I use the plural because a lot of issues were addressed in the statements that followed. Today’s column evaluates a few of the trends that are visible from these statements – notably on […]
By Greg Wittbecker, Advisor, CRU Group Since I spoke at the Fall Management Meeting, the market has continued to experience tremendous volatility and new variables to consider. CRU has recently updated its expectation for market balances, premiums and LME prices. These forecasts can be seen in detail through our Aluminum Market Outlook subscription. Here are […]
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities. Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial […]
South Korea is pushing for “swift consultations” with U.S. trade officials about Section 232 following the negotiation of a tariff-rate quota (TRQ) with the European Union, according to local media reports. Seoul is concerned that the deal with the EU – which will allow approximately 3.6 million short tons of steel into the U.S. duty […]
The management team at Ryerson reported solid third-quarter results on Thursday and expressed optimism about underlying demand in the fourth quarter and into next year. “The pricing environment is still healthy and strong underpinned by good demand – demand deferred, not denied – and we see that continuing into 2022,” Ryerson President and CEO Eddie […]
Japan wants a waiver from the current Section 232 regime following the U.S. negotiating a tariff-rate quota (TRQ) with the European Union. The issue came up during a virtual meeting between U.S. Trade Representative Katherine Tai and Koichi Hagiuda, head of Japan’s Ministry of Economy, Trade and Industry, on Thursday, Nov. 4. Minister Hagiuda “strongly […]
By CRU Principal Analyst Josh Spoores Trade representatives from the USA and Europe came to an agreement at the end of October in regard to the Section 232 tariffs on steel and aluminum. The Department of Commerce further announced on Oct. 31 that consultations regarding the trade of steel remain ongoing between the USA and […]
Speaking at a steel industry gathering just two days after unveiling the historic trade deal she helped negotiate with the European Union, U.S. Trade Representative Katherine Tai described the progress made in steel trade and the challenges that still lie ahead in curbing global steel overcapacity. Following are her remarks today at the General Meeting […]
The tariff-rate quota, or TRQ, replacing Section 232 tariffs on steel and aluminum imported from the European Union will go into effect on Jan. 1, 2022, per details of the agreement released by the Office of the United States Trade Representative (USTR). A 25% tariff will be still applied after the quota limit – 3.3 million […]
October saw a gradual decline in steel prices for the second consecutive month, following one full year of continuous price increases. Hot rolled steel prices decreased $45 per ton throughout the month, with the SMU index averaging $1,885 per ton ($94.25 per cwt) as of Tuesday, Oct. 26. The SMU Price Momentum Indicator for hot […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Sheet Products Monitor Falling demand in most markets around the world has continued to weigh on steel sheet prices. Meanwhile, the announcement that the USA will remove Section 232 tariffs on steel and aluminum producers in the EU and replace them with a quota system means […]
The deal just announced between the U.S. and EU to replace the Section 232 tariffs with a tariff rate quota and to cooperate in reducing climate-changing carbon emissions was seen as a breakthrough by many – but not all. Trade groups representing steel consumers and producers from other parts of the world expressed “disappointment” that the […]
It goes without saying, the steel industry is in a dynamic, volatile market and the only thing that is certain is the volatility will continue as we move into calendar year 2022. It is not just price we need to watch over the coming months. There are many moving pieces to this puzzle. The agreement […]
It goes without saying, the steel industry is in a dynamic, volatile market and the only thing that is certain is the volatility will continue as we move into calendar year 2022. It is not just price we need to watch over the coming months. There are many moving pieces to this puzzle. The agreement […]