Tariffs on steel scrap besiege US steel producers

Tuesday, 14 December 2004 11:38:00 (GMT+3)   |  
       

Tariffs on steel scrap besiege US steel producers

US steel producers and scrap metal companies complain about trade measures that Russia and Ukraine are imposing taxes and tariffs on scrap exports. This raw material accounts for two-thirds of US steel market requirement for production. The Steel Manufacturers Association (SMA) and the Institute of Scrap Recycling Industries (ISRI) pointed out that the inadequate steel scrap damages US steel producing and consuming industries. SMA and ISRI also reported that foreign steel-producing countries are restricting their scrap exports in order to subsidize local steel production. The SMA and ISRI demand Washington to interfere against trade barriers overseas, which are doubling the price of scrap in a year. Scrap metal, which accounted for 64% of the US steel output, is used in arc furnaces for manufacturing purposes. Although it has lower standard than steel manufactured from iron ore, it requires around one-fourth of the energy and is more environmentally-conscious to produce. Steel prices have increased in the last year due to global demand, especially from China. SMA and ISRI allege that scrap prices also increased as a result of overseas tariffs. The composite scrap price has more than doubled from $120/ton to just under $300/ton since October 2003. The US consumes 70 million tons of scrap annually to produce around 108 million tons. US imports 3-4 million tons of scrap and exports 9-11 million tons.

Similar articles

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

CISA: Coking coal purchase cost in China down 11.21 percent in January

29 Feb | Steel News

CISA: Coking coal purchase cost in China down 18.75 percent in 2023

31 Jan | Steel News

CISA: Coking coal purchase cost in China up 2.03 percent in November

29 Dec | Steel News

CISA: Coking coal purchase cost in China up 8.35% in Oct from Sept

29 Nov | Steel News

CISA: Coking coal purchase cost in China down 20.31% in January-August

28 Sep | Steel News

Russia officially imposes export duties for most steel and raw materials until end of 2024

21 Sep | Steel News

CISA: Steel prices in China up slightly in June, high output and slower demand to weigh on market in July

21 Jul | Steel News

Local scrap prices in China up slightly, supported by rises in other raw material prices

19 Jul | Scrap & Raw Materials

CISA: Coking coal purchase cost in China up 24.91 percent in 2022

03 Feb | Steel News