This Morning in Metals: Moody’s steel outlook upgraded to stable

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This morning in metals news: investor service Moody’s upgraded its global steel sector outlook from negative to stable; the E.U. slapped duties on stainless steel from China, Indonesia and Taiwan; and the American Iron and Steel Institute reported September import market share in the U.S. reached 16%.

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Moody’s steel outlook

Moody’s upgraded its steel outlook from negative to stable, the investor service said Wednesday.

“Demand is improving from lows on easing of coronavirus lockdowns, production resumption in key end markets such as automotive, and stronger economic data — particularly in China,” Moody’s said in a release. “Improving second half conditions and our expectation of acceleration from low levels in 2021 underpin the outlook, although risks remain should there be a resurgence of the virus.”

Rising prices and capacity utilization rates, plus stronger demand, powered the move back up to stable for the U.S. steel sector, Moody’s noted.

E.U. adds duties on imported stainless

Meanwhile, the E.U. has imposed duties on stainless steel imported from China, Indonesia and Taiwan, Reuters reported.

After determining the countries dumped hot-rolled stainless steel coils and sheets into the E.U., the E.U. opted to impose duties. The duties range from 7.5-19%, with duties on imports from China set at 19%.

September steel import market share at 16%

The U.S.’s steel import market share reached an estimated 16% in September, the American Iron and Steel Institute reported.

Import market share reached 18% for the year to date.

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