Sharing is caring

The European Union and the United States are expected to reach an agreement on the tariff dispute at the EU-US Summit on June 15. Tariffs on steel and aluminum are also on the agenda. But when can anything concrete really be expected here?

On the SHFE, base metals are up due to good economic expectations and in the United States, in addition to HRC prices, lead times continue to rise. And in the spot market, it’s hard to get a ton of steel.

Stainless Espresso: When will the EU-US tariff dispute end?
Stainless Espresso: When will the EU-US tariff dispute end?

US and EU to commit to end tariff dispute

According to media reports, the European Union and the United States have agreed in a draft paper to end existing Trump-era trade disputes. This draft is to be the basis for the EU-US Summit on June 15, 2021.

The EU and U.S. also want to have found a solution for tariffs on steel and aluminum before Dec. 1, 2021. Which, however, raises questions overall.

Many unanswered questions for steel consumers on both sides of the Atlantic

Will there only be one solution here between the EU and the United States? Will steel and aluminum trade be simplified here? And when will such a settlement come into force, when nothing concrete can be expected until December 2021? And what effect will this have on existing measures such as the EU Safeguards on steel and the Section 232 Tariffs of the US?

EU Safeguard decision apparently subject to delay

One thing is clear to us now, anyway, regarding the delay on the part of the European Commission in announcing a decision long since made regarding EU Safeguard measures. Here, only the EU-US Summit is being waited for.

Source: seattletimes.com

Base Metals on the SHFE partly significantly increased

Base metals rose partly significantly on the SHFE on June 9, 2021 due to a strong expectation of economic recovery.

Nickel futures were up as much as 1.7%. And stainless steel futures also rose by over 2.0%.

On the LME this morning, nickel was also a good 1% higher than Tuesday.

Source: shfe.com.cn, lme.com

US HRC prices increase on strong demand

US HRC Midwest Domestic Hot-Rolled Coil futures have continued to rise since the end of May 2021. And are currently at around $1,650.00/st ex-works. Lead times have also continued to increase to at least 7 to 9 weeks.

In addition, market sources report that it has become even more difficult to obtain available material on the spot market.

Our tip for today

In the face of rising steel and stainless steel prices and short supply: Take action now and cover at least the most necessary needs!

You have questions? Then send us an email to info@steelnews.biz or give us a call: EU/World: +49 7642 9282851 / US: +1 302 803 5865

Read also:


Sharing is caring
Receive all the latest news once a week

Receive all the latest news once a week

Make it easy for yourself: we will remind you once a week about the latest news.

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!