This week, we asked the question: Where are we heading economically and politically in the steel industry right now?
We looked at the United States and the European Union. Who is currently coming through the Corona pandemic better? Quo vadis Europe? USA already recording growth in 2020 again.
In a letter to the EU Commission, the Eurometal association has pointed out that when the EU’s Safeguard measures expire in mid-2021, steel consumers must not be forgotten. In response to a letter sent to the European Union by twelve EU countries and Eurofer calling for Safeguard measures to be extended.
The US Steel Importers Association (AMSCI) has called on the Biden administration to remove the Section 232 tariffs and quotas. However, now it does not look as if AMSCI will succeed in doing so.
One of the first acts of U.S. President Biden was to reinstate the tariffs on aluminum imports from the United Arab Emirates that were lifted by his predecessor. In addition, a recent ruling by a U.S. court this week found the Section 232 tariffs to be lawful.
The steel headlines of the week
Eurometal calls on EU to “take care of steel consumers”
U.S. steel importers call for end to Section 232 tariffs and quotas
China’s stainless steel market will continue to grow in 2021
Alloy surcharges: Where is the rally on the metal markets heading?
3 UK import steel quotas already exhausted, system still under maintenance
AISI releases SIMA steel import data for January 2021
Quo vadis Europe? USA already recording growth in 2020 again
U.S. court upholds Trump’s national security tariffs on steel imports
Outlook for the coming week
Chinese New Year starts next week, and many Chinese and Asian countries go on vacation for up to three weeks. Many Chinese stainless steel manufacturers and suppliers have already gone on vacation or closed their order books.
The nickel price, which is relevant for stainless steel production, is already close to the $18,000 per ton mark again today. And the euro is hovering around $1.20. Further price increases are forecast for ores and alloys. And Japan’s third largest steel producer also raised prices this week.
So, it doesn’t look like there will be much of a significant drop in stainless steel prices at the moment.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.