This evening in metals news, President Donald Trump indicated yesterday Section 232 might be going on the backburner, data show a sharp rise in steel imports during June and a new report predicts the 3-D printing metals market will be worth $12 billion by 2028.
Taking 5 on Section 232
The Trump administration’s Section 232 investigations are being watched closely by metals producers around the world — but Section 232 is just one thing on the administration’s plate.
On Tuesday, President Trump told the Wall Street Journal that when it comes to enacting measures against steel imports (like tariffs or quotas), “we don’t want to do it right now.”
In April, the administration launched a national-security probe of steel and aluminum imports. Under Section 232 of the Trade Expansion Act, Secretary of Commerce Wilbur Ross has 270 days to present the president with a report and recommendations.
With health care currently in the spotlight — in addition to Trump’s announcement today regarding banning transgender individuals from serving in the military — Section 232 has seemingly lost a little steam. Previously, the steel investigation results were expected to be announced by the end of June.
Steel prices performed well in the weeks following the April announcement, but that initial optimism has fizzled. Trump’s noncommittal comment regarding the investigation sent several domestic steel companies downward yesterday, according to MarketWatch, including AK Steel, Nucor and ArcelorMittal.
Steel Imports Rise in June
U.S. imports of steel rose sharply for the month of June, according to U.S. Census Bureau data cited by the American Iron and Steel Institute (AISI) on Wednesday.
The country imported approximately 3.87 million net tons in June. In the year to date, 19.64 million tons have been imported, up 25% from the same time frame in 2016. Finished steel imports amounted to 15 million tons in the year to date, up 17.2% compared with the same time period in 2016.
Per the report, products which saw significant increases from May to June included: reinforcing bars (84%), sheets and strip all other metallic coatings (61%), heavy structural shapes (40%), cold-rolled sheets (32%), hot-rolled sheets (29%), mechanical tubing (25%), oil country goods (19%), hot-rolled bars (12%) and plates in coils (11%).
Notable year to date increases versus the same period in 2016 include: oil country goods (248%), cold rolled sheets (41%), sheets and strip all other metallic coatings (36%), standard pipe (35%), line pipe (32%), mechanical tubing (29%), hot-rolled bars (28%), sheets and strip hot-dipped galvanized (26%), tin plate (17%) and wire rods (10%).
3-D Printing Worth $12B by 2028: Report
Momentum continues to build for 3-D printing technology, so much so that a recent report predicts the growing sector will be worth $12 billion in just over a decade from now.
The report, from IDTechEx Research, states that “at this stage it would be a mistake to underestimate the enormous potential for innovation in 3D printing of metals.”