This Morning in Metals: Energy Companies Seek Steel Tariff Exemptions
This morning in metals news, energy companies are lobbying for exemptions from the U.S. steel tariff, U.S. steel exports dropped in April compared with the previous month, and steel and iron ore prices fell by the greatest amount since March.
Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
Asking for Exemptions
Several U.S. energy companies are looking to win exemptions from the U.S.’s 25% steel tariff, Reuters reported.
Of the nearly 21,000 exclusion requests received by the U.S. Department of Commerce, more than 500 are related to pipes and related materials, according to the report.
U.S. Steel Exports Down in April
The U.S.’s steel exports fell by 1% in April compared to the previous month, according to American Iron and Steel Institute (AISI) data cited by the Times of Northwest Indiana.
The steel export level in April, however, was up 0.5% compared with April 2017.
Steel Prices Drop
Prices of steel and iron ore fell by the greatest amount since March, according to Bloomberg, as trade tensions ratcheted up in the last week. The U.S. announced $50 billion in tariffs on Chinese imports on Friday, and President Donald Trump threatened an additional $200 billion in tariffs.
MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
Iron ore prices fell to a two-month low, according to the report, while LME nickel, zinc and copper all also fell.
Leave a Reply