It’s been roughly three months since President Trump issued an executive order urging the secretary of commerce to investigate steel imports under Section 232 of the Trade Expansion Act of 1962.
The results of the investigation, which were initially supposed to be announced by the end of June, and were later pushed back until after the G20 summit, may now be delayed until August; China, the European Union, and other top U.S. trading partners have threatened to retaliate against the United States if the president pursues action under Section 232.
Today it was announced that every living former Chair of the President’s Council of Economic Advisers (excluding those currently serving in public office) signed a letter to President Trump urging him not to take action on steel imports Taking swift and sever action, they wrote, would not only harm relations with close allies, it would damage the economy and would raise costs for manufacturers, which would in turn reduce factory employment. It would also raise prices for customers.
Although the exact outcome of the Section 232 investigation is not yet known, what is known, is that the US steel market as a whole will continue to tread water until the future of imports becomes clearer.
In terms of pricing for US domestic hollow structural sections (HSS) tubing, that continues to trend at $46.50-$48.50 cwt. ($1025-$1069/mt or $930-$970/nt), ex-mill.