Archive | Steel and Stainless Steel Industries

Exclusive: China’s Tsingshan roils nickel market with buying spree – by Pratima Desai and Tom Daly (Reuters U.S. – July 19, 2019)

https://www.reuters.com/

LONDON/BEIJING (Reuters) – Chinese firm Tsingshan Holding Group has been buying large quantities of stainless steel ingredient nickel on the London Metal Exchange (LME) to supplement its own output, two sources familiar with the matter said. They could not specify the amounts Tsingshan has bought.

Nickel prices slid to their lowest for the year in the second quarter as investment funds sold on the expectation of slowing demand from Chinese stainless steel mills as economic activity came under pressure from the U.S.-China trade war.

But as unexpectedly higher demand numbers started to trickle out, the same funds rushed to cut their bets on lower prices. Continue Reading →

Steel mills to the rescue as Rio’s iron mines hit four-year low – by Peter Ker (Australian Financial Review – July 16, 2019)

https://www.afr.com/

Strong Chinese steel production is papering over cracks in Rio Tinto’s flagship iron ore division, where production over the past six months slumped to the lowest level in four years.

Rio’s Australian iron ore mines provided just 93 per cent of the iron ore shipped by the company in the three months to June 30, forcing Rio to draw down 5.7 million tonnes of stockpiled iron ore. Those stockpiles were worth almost $1 billion based on the $US119.25 per tonne that iron ore was fetching on Monday.

The weak statistics published by Rio’s most important division on Tuesday only bolster expectations that 2019 will be the first year since the turn of the century that Rio’s Australian iron ore exports will fall sequentially. Continue Reading →

COLUMN-China’s iron ore, steel prices diverge as trade war vies with supply woes – by Clyde Russell (Reuters U.S. – June 18, 2019)

https://www.reuters.com/

LAUNCESTON, Australia, June 18 (Reuters) – China’s iron ore and steel prices have decoupled somewhat in recent weeks, with the raw material still making fresh highs while the finished product trends lower.

While there are solid supply-driven reasons for iron ore’s relative outperformance, the question remains: how is the current divergence likely to be resolved?

Iron ore futures on the Dalian Commodity Exchange closed at 769.5 yuan ($111.20) a tonne on Monday, down slightly from their record close of 787.5 yuan on June 14. Continue Reading →

Analysis:Steel and aluminum tariffs are gone, so now what? – by Elise von Scheel (CBC News Politics – May 20, 2019)

https://www.cbc.ca/news/politics/

Deal includes provision to watch for foreign dumping, allows U.S. to impose tariffs again in rare cases

A deal was reached on Friday to end the metal tariff battle between Canada and the U.S. Steel and aluminum imports from Canada will no longer be taxed, but that doesn’t mean all the problems are over.

The new NAFTA still has to be ratified and the protectionist administration in the U.S. is still causing anxiety in Canada. Here’s what you need to know about the tariffs deal and what happens next.

The American tariffs on Canadian steel and aluminum — 25 per cent and 10 per cent, respectively — disappeared as of today. Finance Minister Bill Morneau announced on Monday that Canada lifted its retaliatory countermeasures against the U.S., according to a news release from the Department of Finance Canada. Continue Reading →

Canada, U.S. and Mexico reach deal to lift Trump administration’s steel and aluminium tariffs – by Adrian Morrow and Lawrence Martin (Globe and Mail – May 17, 2019)

https://www.theglobeandmail.com/

Prime Minister Justin Trudeau and Foreign Minister Chrystia Freeland have scheduled an announcement in Hamilton Friday, where they are expected to announce a deal to lift the Trump administration’s steel and aluminum tariffs on Canada and Mexico.

Mr. Trudeau spoke with U.S. President Donald Trump Friday on tariffs and other trade matters, the Prime Minister’s office said. A Canadian official said Mr. Trudeau and Ms. Freeland will announce the deal today.

The agreement will end the continental trade war that has raged for most of the last year. But sources in industry and government on both sides of the border cautioned that Canada is not out of the woods yet: Canada will likely have to agree to tough new export rules on its metals industry that will benefit the U.S. in exchange for the end of tariffs. Continue Reading →

‘Farmers are hurting’: Rising pressure on U.S. agriculture key to removal of steel tariffs from Canada, Mexico – by Naomi Powell (Financial Post – May 16, 2019)

https://business.financialpost.com/

Faltering U.S.-China trade talks, rising tariff pressure on American farmers and a rapidly disappearing opportunity to ratify the new North American Free Trade Agreement are fuelling Washington’s renewed push to negotiate the removal of steel and aluminum levies from Canada and Mexico, analysts say.

“I think we are close to an understanding with Mexico and Canada,” on resolving the tariffs, U.S. Treasury Secretary Steven Mnuchin said at a U.S. Senate Appropriations subcommittee hearing Wednesday. He not provide any details about the potential agreement.

Foreign Affairs Minister Chrystia Freeland was in Washington Wednesday to push for the removal of the tariffs during meetings with U.S. Trade Representative Robert Lighthizer. Continue Reading →

Freeland renews push to remove steel, aluminum tariffs during Washington trip – by Mike Blanchfield (Canadian Press/Global News – May 14, 2019)

https://globalnews.ca/

Foreign Affairs Minister Chrystia Freeland is bound for Washington to meet with Trump trade czar Robert Lighthizer in a renewed push to get punitive steel and aluminum tariffs lifted.

The meeting at the United States trade representative’s Washington office is to take place on Wednesday but Freeland will also venture to Capitol Hill for a meeting with the influential Republican chair of the Senate finance committee, Chuck Grassley.

“We continue to lobby very assertively for the lifting of the tariffs. We’re at a point where we need to do everything we can and talk to everyone we can about why we see these as unjust,” a senior government source said Tuesday, speaking on the condition of anonymity because of the sensitivity of the ongoing dispute. Continue Reading →

Could Northern Ontario produce its own stainless steel? – by Lindsay Kelly (Northern Ontario Business – May 10, 2019)

https://www.northernontariobusiness.com/

Could Northern Ontario manufacture its own stainless steel using chromite from the Ring of Fire? It was a popular topic of conversation during the 2019 gathering of the Federation of Northern Ontario Municipalities (FONOM).

Held May 8-10 in Sudbury, the conference welcomed close to 200 representatives from member municipalities scattered across northeastern Ontario, who discussed best practices, along with new challenges they’re facing following the April release of the provincial budget.

With the conference following on the heels of the announcement that Noront Resources had selected Sault Ste. Marie for its chromite smelter to process ore from the Ring of Fire, industrial energy costs was another hot topic amongst attendees. Continue Reading →

Iron ore shortage after Vale disaster hurting Brazil steelmakers: report (Reuters U.S. – April 15, 2019)

https://www.reuters.com/

SAO PAULO (Reuters) – A decision by Brazilian mining company Vale SA to halt production at ten sites in Minas Gerais state following a deadly dam disaster has affected deliveries of iron ore pellets to clients, newspaper Valor Econômico reported on Monday, citing industry sources.

Vale is trying to resolve the problem by bringing iron ore pellets produced in the northeastern state of Maranhão to clients in the southeast. The longer distances involved are adding to transportation costs, Valor said.

Vale did not immediately respond to a request for comment on the Valor report. Continue Reading →

Canada shouldn’t ratify new trade deal until steel, aluminum tariffs end: Steelworkers – by Kerri Breen (Global News – March 31, 2019)

https://globalnews.ca/

The head of Canada’s steelworkers’ union says the federal government should refuse to ratify the new North American trade deal until U.S. tariffs on steel and aluminum have been lifted.

Ken Neumann told The West Block‘s Mercedes Stephenson that Ottawa needs to “draw a line in the sand” on the matter. It’s been nearly a year since the Trump administration imposed a 25 per cent tariff on imports of steel from Canada and 10 per cent on aluminum.

The measure prompted the Canadian government to impose $16.6 billion in retaliatory tariffs on American goods such as whiskey and washing machines. Continue Reading →

Column: Mixed signals for China steel and iron ore point to prices drifting lower – by Clyde Russell (Reuters U.K. – March 12, 2019)

https://uk.reuters.com/

LAUNCESTON, Australia (Reuters) – China’s steel and iron ore markets are currently crowded with an overload of information, much of it seemingly pulling prices in opposing directions.

The steel market is having to weigh news of extended output restrictions as part of ongoing efforts by Beijing to lower air pollution, weak vehicle sales, slower economic growth and uncertainty over the trade dispute with the United States.

If that sounds negative for prices, consider the upcoming peak-demand season as winter ends and construction projects kick off, increased stimulus spending on infrastructure and the view that lower output may support a supply-driven price increase. Continue Reading →

Canada threatens not to ratify USMCA until U.S. ends steel, aluminum tariffs – by Adrian Morrow (Globe and Mail – February 26, 2019)

https://www.theglobeandmail.com/

Canada is threatening to not ratify the renegotiated North American free-trade pact if U.S. President Donald Trump doesn’t first remove steel and aluminum tariffs, in a bid to restart serious talks over the punitive duties.

Canadian officials have been privately delivering this warning to their U.S. counterparts and members of Congress for several weeks, said government sources with knowledge of the discussions, before Transport Minister Marc Garneau went public with a version of the message on Sunday.

The move is designed to use Canada’s last opportunity to leverage the new United States-Mexico-Canada Agreement (USMCA) – one of Mr. Trump’s priority policies – to put pressure on the White House into ending its trade war with Ottawa. Continue Reading →

Canada won’t ratify new NAFTA until steel and aluminum tariffs lifted, warns key U.S. Senator – by Naomi Powell (Financial Post – February 14, 2019)

https://business.financialpost.com/

Canada and Mexico won’t consider ratifying the revised North American Free Trade Agreement unless the United States lifts its tariffs on steel and aluminum imports, U.S. Senator Chuck Grassley said Tuesday.

Grassley, who held meetings with Foreign Affairs Minister Chrystia Freeland and Mexico’s Ambassador to the U.S. Martha Bárcena Coquilast week, said the levies are now the “biggest impediment” to approving the deal.

“The Senate in Mexico is not going to take it up until the tariffs are off,” Grassley said during a call with reporters. “The House of Commons in Canada’s not going to take it up if it’s not there soon after March 1 and it’s not going to be there unless the tariffs are off. And even Republicans and Democrats in the Congress of the United States say those tariffs have to go off.” Continue Reading →

OPINION: Trump’s metal tariffs end up favoring China’s steel and aluminum over Canada’s – by Erin Dunne (Washington Examiner – February 11, 2019)

https://www.washingtonexaminer.com/

President Trump has many justifications for his tariffs: national security, pushing back on unfair trade deals, and protecting American manufacturing. Not on the list: playing favorites with Chinese imports over those from neighboring Canada. But through the convoluted exclusions process of U.S. tariffs, that’s exactly what has happened.

As the CBC reported, about 40 percent of U.S. imports of Chinese steel have been excluded from the 25 percent tariffs imposed by the Trump administration and 86 percent of imports of Chinese aluminum, otherwise subject to a 10 percent tariff, have been excluded.

For comparison, only 2 percent of U.S. imports of Canadian steel are free from tariffs and less than 1 percent of aluminum. So how did this happen? Continue Reading →

Trump orders agencies to buy U.S.-made steel, aluminum and cement ‘to the greatest extent’ possible – by Naomi Powell (Financial Post – February 7, 2019)

https://business.financialpost.com/

A new executive order from U.S. President Donald Trump aims to strengthen his Buy America initiative by “encouraging” agencies to purchase a wider range of U.S.-made materials for infrastructure projects.

The order, published Thursday, urges agency heads to purchase more American-made construction materials for infrastructure projects ranging from surface transportation and water infrastructure to energy transmission, broadband internet and cybersecurity projects.

It follows on Trump’s 2017 “Buy American, Hire American” executive order, which tightened standards for federal procurement departments and companies that hire foreign workers. Continue Reading →