The Coalition of American Metal Manufacturers and Users (Cammu) claims that United States Commerce Secretary Gina Raimondo was mistaken about the success of the Section 232 steel and aluminium tariffs, and reiterated its call for their termination.
With long steel prices in Europe reaching historically high levels, construction activity is slowing in some regions due to reduced supplies and delays, with some market sources fearing a decline in industrial activity long term.
Turkish steel producers continued to pay higher prices for deep-sea scrap after securing more billet sales into China, market participants told Fastmarkets on Tuesday May 11.
Teck Resources has agreed to supply China’s largest zinc smelter with zinc concentrates from its Red Dog mine this year, diversifying the market for what is one of the world’s biggest exporters of the metal.
While the Biden administration has reversed multiple Trump-era policies, it has not been in any rush to revise the Section 232 tariffs. That might change, however, with the European Union on the verge of escalating retaliatory tariffs on US products, according to market participants.
Chinese steelmakers have been actively bidding for Japanese import scrap cargoes at prices above the China domestic market level in recent days, sources have told Fastmarkets.
China’s new tax regime for ferrous raw materials and steel exports will kick off a new era for the steel sector, one in which demand and supply will become more balanced and the country cuts its dependency on iron ore at a faster pace.
Asia will soon be hit by a “steel tsunami”, a veteran trader in Vietnam told Fastmarkets recently, with a combination of factors expected to keep prices high into the second and third quarters of 2021.
PRICING NOTICE: Extension of consultation period for proposed launch of ferro-niobium price assessment
After reviewing the initial feedback on its proposal to launch a weekly price assessment for ferro-niobium, delivered consumer works Europe, duty paid, Fastmarkets MB is extending the consultation period by two weeks.