The week revolved around the European Safeguard measures on steel products and the future of the former Trump administration’s Section 232 tariffs in the United States.
Voices are growing everywhere that the rigorous market protection measures must be scaled back.
In addition to the US Steel Importers Association (AMSCI), the powerful CAMMU (Coalition of American Metal Manufacturers and Users) has now also called on the US government under President Joe Biden to abolish the Section 232 tariffs as quickly as possible.
The European Commission is also currently having to deal with the Safeguard measures, which expire in mid-2021. Efforts are already being made by 12 EU member states and Eurofer to prevent this. But the EU would violate WTO guidelines if it extended the Safeguard measures for a maximum of three years. It remains to be seen whether the European Union will want to do this, given that it is currently pursuing WTO proceedings against Indonesia’s export ban on nickel.
In Europe, too, steel consumers’ associations are calling for an end to the safeguard measures.
The steel headlines of the week
European stainless steel: long delivery times support price rise
European trade tariff policy under review, White House says
Container shortage restricts EU stainless steel imports
Short-term trend? German steel price sentiment cools in Feb
Iron ore rises on easing liquidity concerns in China and positive demand outlook
Steel safeguard measures: European Commission about to launch review
U.S. manufacturers and metal end users call on Biden to drop Section 232 tariffs
Eurofer expects steel demand in the EU and the UK to increase by 13.3% in 2021
Investment backlog in mining – are prices now rising?
Foreign demand expected to boost Philippine nickel industry
Outlook for the coming week
It is still relatively quiet on the market. Due to Lunar New Year in China and other Asian markets, there were just in the US market price movements in steel and stainless steel upwards.
We will have to wait and see what the nickel does. After making a move towards $19,000 per ton this week, it slowly cooled down again towards the weekend and is currently around $18,300. Which could indicate short-term profit-taking.
The euro is slightly above $ 1.21 and is further pressured by the extension of the lockdown in Germany.
The market data from Latin America looks good. The pickup in the economies there and the associated increase in demand for steel products could exacerbate the shortage on the market somewhat.
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