US steel prices reach their highest in ten years

From: Junnan Steel News
publisher: Gloria Wong
Time: 2018-07-04

    According to foreign media on June 29th, the increase insteel prices in domestic steel mills in the United States has weakened theimpact of 25% of US steel import tariffs on steel imports. Obviously, themarket did not anticipate this situation when tariffs were imposed.

    Since the beginning of the year, the average reference salesof North American long products has increased by 34%. In Western Europe, steelprices in dollar terms rose only 3.5% over the same period. In Asia, the priceof similar products increased by 6.5%.How does the US authorities go to thisstage? It is clear that due to the increase in tariffs, the domestic steelprice increase is greater than the increase in import prices. Due to costconsiderations, domestic steel downstream users will re-transfer to foreignmarkets to purchase imported steel.

    The key to solving theabove problems lies in the domestic steel producers in the United States.Overseas suppliers may maintain their current offer. This requires local USsteel manufacturers to make appropriate adjustments. It is almost certain thatUS steel mills must change their current strategies to adapt to the currentsituation.

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