A US-China trade agreement to sharply lower reciprocal tariffs for 90 days that emerged on Monday May 12 boosts the outlook for trade and the economy, according to analysts and market observers.
Robert England
12 May 2025
Fastmarkets Metal and Mining
Under the bilateral agreement, crafted over the weekend of May 10-11 in Geneva, Switzerland, in high-level discussions, tariffs for US goods going into China will fall from 125% to 10% while duties for Chinese goods going into the US will drop from 145% to 30%, according to The White House.
The impact on metals and minerals may be muted, given the various sectoral tariffs in place or under investigation.
Sectoral 25% tariffs on autos, auto parts, steel and aluminium remain intact.
Investigations into semiconductors, copper, critical minerals, timber, lumber and trucks remain to be completed.
Economic analysts expect the 90-day deal to push up economic growth in the US and China over prior forecasts.
Read more: US-China lower tariffs deal brightens trade, economic outlook: sources
French shipping giant CMA CGM Group’s plan to invest $20 billion in maritime transportation, logistics and supply chains in the US over the next four years signals the start of a turnaround for US shipbuilding and will increase demand for steel plate by as much as an estimated $2 billion over the term of the investment, according to market participants.
Fastmarkets Metals and Mining
By Robert England
March 13, 2025
“While $20 billion is a lot, it’s not a huge amount, but it will give an incentive to fortify the infrastructure to build ships and that capability is definitely missing in the US,” a steel plate distributor said.
"The raw material in a $20 billion investment won’t be much but it’s a lot more than anyone did in the past. I’d guess it will amount to $2 billion over several years. So while it won’t move pricing or demand much, the psychological impact is huge,” he said.
“It also represents an about-face in thinking about shipbuilding. The change in direction is worth so much more than $20 billion. The momentum it is creating is priceless,” the distributor said.
A steel plate buyer also offered a positive view on the investment, saying, “It seems like a huge investment. I am not sure what it equates to from a tonnage perspective. Shipbuilding uses a lot of steel [per ship].”
Read more: Shipping giant's investment signals turnaround for US shipbuilding: sources
US President Donald Trump issued an executive order on Monday February 10 restoring the full 25% tariffs that were initially imposed in 2018, under Section 232 of US trade regulations, to apply to imports of steel articles from all countries, in an attempt to stem a surge in imports that he said once again is a threat to national security.
By Robert England
Fastmarkets Metals and Mining
February 11, 2025
The order eliminated exemptions and alternative arrangements for some countries put into place over the intervening years that Trump said have weakened the effectiveness of the tariffs. The order was based on a recommendation from US Secretary of Commerce Howard Lutnick.
Under the order, tariff exclusions currently in place will expire on March 12, 2025.
Trump noted that, while US steel consumption declined in 2024, global steel capacity continued to expand, to an excess capacity of 630 million tonnes per year, according to the Organization for Economic Cooperation and Development.
The president’s order cited an 18% increase in imports from Canada since 2018, and highlighted a surge of exports from China in 2024, reaching 114 million tonnes by November, “displacing production in other countries and forcing them to export greater volumes of steel articles and derivative steel articles to the US.”
“This is a very significant action,” according to Christopher Weld, a trade policy attorney at Wiley Rein in Washington, DC.
Read more: Trump restores 25% Section 232 steel tariffs, ends exemptions
By Robert England
January 7, 2025
The new year is likely to show a modest pick-up in overall North American automotive production that will, in turn, boost demand for key steel product sectors, such as cold-rolled coil, galvanized sheet and special bar quality steel, according to industry analysts and market participants.
The potential improvement in demand for steel will vary within North America, with a modest gain in the United States, flat demand in Canada and a potential 4% increase in Mexico, according to AutoForecast Solutions in Pottstown, Pennsylvania.
Despite rising optimism in the US that the incoming Donald Trump administration’s policies will jump-start manufacturing and the steel industry, some industry watchers do not expect any immediate significant improvement.
“I don’t think we’re anticipating a material change in production and consumer demand [in the automotive sector],” said Phil Gibbs, metal equity research analyst at KeyBanc Capital Markets, Cleveland, Ohio.
Steel market participants had varying reactions to US President-elect Donald Trump’s assertion on Monday September 25 that he will impose a 25% tariff of all products being imported from Canada and Mexico into the US, as well as levy a 10% additional tariff on all Chinese imports
November 28, 2024
By Robert England, Rijuta Dey, Gabriela Brumatti, and the Fastmarkets team
True to the Trump modus operandi, the announcement was made on social media, and ups the ante on the president-elect’s rhetoric on being tough on trade and tariffs.
“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Donald Trump wrote on Truth Social, asserting that “thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before.”
Trump said the new tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”
US Steel continues to make "progress" toward clearing regulatory scrutiny from the US Department of Justice in its heightened antitrust review of Nippon Steel's bid to acquire the company, bolstered by overwhelming shareholder approval on April 12, the company said in a press release on Thursday May 2.
May 3, 2024
By Robert England
Fastmarkets Metal and Mining
Both Nippon Steel and US Steel reported on Thursday that the deal will now likely close in the second half of the year, compared with earlier estimates it would close in the second or third quarter, representing a potential deadline that could move approval from September to December.
"The company and Nippon Steel Corporation each received, and are working to respond to, a request for additional information and documentary materials from the US Department of Justice in connection with antitrust review," US Steel said in its release.
Read more: US Steel expects DOJ to clear Nippon Steel bid amid delay, market doubt
Liberty Steel will "temporarily pause" production at its wire rod mill in Georgetown, South Carolina, and shift the plant's production to making steel wire mesh and welded steel products, the company announced on Friday April 19.
April 19, 2024
By Robert England
Fastmarkets Metals and Mining
“Current market forces, along with a surge in imported steel, have led to a decrease in rod prices, causing the mill to incur higher production costs than the selling price of the rod,” the company said in a press release.
“Unfortunately, market forces are working against us in the rod market with the increase in imports and significant pressure on transportation costs. We fully intend to bring the rod mill back up as soon as it makes financial sense to do so,” chief operating officer Pieter Vanderwesthuizen said.
Read more: Liberty Steel to pause wire rod production in Georgetown
Portable micro Small Modular Reactors (SMRs) developed by NANO Nuclear Energy Inc. will be able to provide carbon-free energy to power remote mining operations — "one of the most prolific end users" of its technology, according to nuclear physicist James Walker, NANO's chief executive officer and head of nuclear reactor development
November 7, 2023
By Robert England
Fastmarkets Metals and Mining
NANO has targeted remote mining operations run by diesel fuel in locations where the logistics of providing a constant source of fuel “may be a challenge,” the CEO said.
The company’s microreactors could also expand mining opportunities to more new locations. “It can make thousands of potential mines economic and come online, whereas before, they weren’t economic enough to be commissioned,” Walker said.
Read more: NANO Nuclear Energy looks to mining as key market for microreactors
A combination of Cleveland-Cliffs and US Steel into a single automotive steel market behemoth, if approved, is widely expected to wield considerable pricing power. Even so, its ability to bolster prices will face competitive pressure from lower-priced imports and potential curtailment of demand from automakers that may choose to substitute steel for other materials in some of the parts that make up vehicles, according to market participants.
By Robert England
August 22, 2023
Fastmarkets Metals and Mining
"The consolidation of supply will give Cliffs leverage with its customers," an auto parts maker said. This may not mean higher prices in the current market but "it could mean steel prices won't fall", the source added.
The two integrated steel companies, if combined, would dominate automotive steel with a share that "would be well over 50% of the market," Phil Gibbs, Michael Leshock, and Samuel McKinney said in an analyst note last week from KeyBanc Capital Markets.
Read more: Cliffs-US Steel combo's pricing power could roil auto steel market: sources
Optimus Steel’s ongoing expansion and upgrades at its Beaumont, Texas facility since 2021 will – by the time of completion in late 2024 – double its rolling capacity from 800,000 tons per year to 1.6 million tpy
By Robert England and Rijuta Dey Bera
Fastmarkets Metals and Mining
June 15, 2023
It will also provide the plant with two separate rolling mills, one for wire rod and the other for rebar production, a company spokesperson confirmed to Fastmarkets.
The electric-arc-furnace (EAF) long steel producer has completed the first phase of melt shop upgrades that will boost its production of wire rod, coiled and straight rebar production, according to a June 5 press release from the company.
“This is a doubling of rolling capacity,” a company spokesperson said on Friday June 9. “The rebar outlet will commission in the late third quarter of this year. The new reheat [plus] roughing [plus] intermediate project will commission in late 2024.”
The acceptance of green steel so far has been limited by competitive market forces, but it is likely to remain a fundamental focus in the industry, according to market participants.
By Robert England
Fastmarkets Metals and Mining
November 22, 2022
There are some steelmakers who offer green steel versions of their entire product line at a premium price, and other producers have developed specific green steel products that also sell at a premium.
While making a zero-premium green steel is currently elusive, there is a race on among entrepreneurs, metallurgists and engineers to accomplish that goal through new steelmaking technologies.
It remains to be seen if any of those new technologies can both achieve decarbonization and be priced competitively enough to gain market share.
Nucor Corp will build a $2.7-billion steel sheet mill in Mason County, West Virginia, the company announced on Wednesday January 12. The mill will employ 800 when it is fully operational, and it will be able to produce 3 million tons of steel annually.
By Robert England
Fastmarkets AMM
January 14, 2022
Read more: Nucor chooses West Virginia for state-of-the-art steel mill
The semiconductor chip shortage that has restrained a rebound in the automotive sector is poised to extend into mid-2022 or later, contributing to a steel inventory overhang that could dampen prices, according to analysts and forecasters.
Fastmarkets AMM
September 28, 2021
Is the switching to scrap-based electric-arc furnace (EAF) steel production enough to get the industry to net-zero carbon dioxide emissions? The answer is probably not.
Fastmarkets AMM (American Metal Markets)
July 20, 2021
A shortage of truck drivers and flat-bed trucks is delaying steel shipments at critical points in the supply chain and further driving up shipping costs and lead times, Fastmarkets has learned.
Fastmarkets AMM
April 7, 2021
With his deals seeing double-digit declines, the venture capital star encourages fellow investors not to be afraid of making changes.
Chief Investment Officer
March 16, 2021
Read more: Chamath Palihapitiya Weighs Lessons from a 'Tough Week'
With the popularity of electric vehicles (EVs) continuing to grow, the steel industry is looking to secure the material's place as the preferred choice for battery enclosures, and thus benefit from the increased steel demand that would follow.
Fastmarkets
December 15, 2020
Read more: Steel industry seeks edge in electric vehicle battery cages
With the popularity of electric vehicles (EVs) continuing to grow, the steel industry is looking to secure the material's place as the preferred choice for battery enclosures, and thus benefit from the increased steel demand that would follow.
Fastmarkets
December 15, 2020
Read more: Steel industry seeks edge in electric vehicle battery cages
A big question hangs over the US steel market in the wake of Cleveland-Cliffs’ $1.4-billion acquisition of ArcelorMittal USA, according to industry analysts and market participants: What is it going to do with the new assets?
Fastmarkets AMM
October 14, 2020
The steel and automotive industries have been working together to keep future vehicles strong, resilient and safe even amid lightweighting efforts. Third-generation steel products provide engineers with an increasing array of choices that will help steel maintain its role as the dominant material used in the construction of light vehicles.
Special Report
Fastmarkets
June 2020
When automakers in the United States reopen their plants they will be facing a deramatically weakened economy and sharply lower demand from consumers, James Picariello, chief automotive analyst at KeyBanc Capital Markets told Fastmarkets in an interview.
Fastmarkets AMM
March 23, 2020
As interest in crypto has stirred anew, some long-term investors have chosen to invest in digital assets through an instrument that provides tax advantages — a self-directed Individual Retirement Account (IRA).
Cointelegraph
February 10, 2020
Read more: From Director of the US Mint to the Very First Bitcoin IRA Customer
The shift has left some pension plans vulnerable to future shortfalls in liquidity.
Chief Investment Officer
January 16, 2020
Read more: Perpetual Monetary Easing: Problem Creator for Pension Plans
The private equity titan's 1989 stumble taught him valuable lessons.
Chief Investment Officer
December 20, 2019
Read more: The Disaster That Made Blackstone's Schwarzman Who He Is Today
Market saturation, diminishing investor confidence drives slower pace—and lower fees.
Chief Investment Officer
December 10, 2019
As entrepreneurs look to take cryptocurrency mainstream, they’re copying a tried-and-trusted approach from traditional investing: indexing.
Magazine by Cointelegraph
November 5, 2019
Read more: Crypto Indexers Scramble to Win Over Hesitant Investors
The race is on to be the NASDAQ of blockchain
BREAKERMAG
April 23, 2019
The universe of exchanges seems to be constantly exploding like the aftermath of a digital Big Bang
BREAKERMAG
April 5, 2019
Read more: Inside the Murky and Very Profitable World of Crypto Exchanges
Let analyst Matt Hougan at Bitwise explain
BREAKERMAG
March 29, 2019
Let Crypto-Asset Expert Stephen McKeon explain
BREAKERMAG
February 25, 2019
The tokenization of a small share of the St Regis Aspen is a harbinger of things to come
BREAKERMAG
November 8, 2018
Alan Greenspan is one of those rarities in Washington. He's been Fed chairman for nearly seven years, and his reputation is still rising. But the job may be entering its toughest phase yet, as the economy heats up and inflation starts to rear its ugly head.
Mortgage Banking
April 1994, Vol. 54, Issue No. 7
A shift into small caps in the spring is reaping big summer rewards
With LedgerX becoming the first CFTC-approved options trader, investors finally have a regulated way to invest in cryptocurrency
Institutional Investor
August 7, 2017
Read more: Will Options Trading Bring Institutional Investors to Bitcoin?
Last year IBM acquired Promontory Financial Group. How does the partnership set the stage for new levels of AML performance? Alistair Rennieat of IBM and Promontory CEO-founder Gene Ludwig explain how.
BAI Banking Strategies
June 6, 2017
Read more: Cognitive Computing’s Smart New Approach to Regulation and Money Laundering
Over the next five years companies plan to shorten and simplify their supply chains to make them more flexible and agile
The Economist Intelligence Unit
May 18, 2017
Read more: Rebooting Supply Chains: Shorter, Smarter and More Sustainable?
While the battle against money laundering may seem perpetual, banks have advanced technology as a new weapon to fight it.
BAI Banking Strategies
Executive Report
April 2017
Read more: Banks are Bringing Artificial Intelligence to the Money Laundering Fight
Banks are developing marketing strategies to better reach millennial women with messages about their products and services
Banking Strategies
January 25, 2017
Read more: How Banks Understand - or Underestimate - Female Millennials
The cryptocurrency surged, then plummeted, following a long bull run. So, what’s driving the big moves?
Institutional Investor
January 10, 2017
The providers of retirement calculators vie to improve the forecasting accuracy of their models
As they overtake Baby Boomers as America's largest generation, Millennials may not automatically equal mobile tech--but in the banking world, it's getting pretty close
Banking Strategies
November 4, 2016
No matter who wins the presidential election, proposals to significantly reform the nation’s mortgage finance system to replace Fannie Mae and Freddie Mac will still struggle to find consensus in Congress and among industry stakeholders.
Mortgage Banking
October 2016
Franklin Codel is head of Wells Fargo Home Lending, Des Moines, Iowa. As the nation’s leading mortgage lender with 40,000 employees, Wells Fargo funds nearly one out of every eight mortgages and services one out of every six.
Mortgage Banking
September 2016
Read more: Q&A with Wells Fargo's Franklin Codel and Brad Blackwell
For more than a year investors have been taking money out of global convertible funds after loading up the prior 2 1/2 years. A few of those who pulled out money could be having regrets, given that this asset class rebounded to higher levels after the turmoil in the bond and equities markets earlier this year and again in the aftermath of Brexit.
On Wall Street
August 10, 2016
Read more: Despite Outflows, Global Convertibles Worth a Second Look
America’s millennials seem hard-pressed to reach the homeownership levels of prior generations
Mortgage Banking
July 2016
Bankers are facing increasing regulatory challenges to collaborating with online marketplace lenders.
Bank Administration
Institute Executive
Report May 2015
Read more: Bank Challenge: Collaborating with Online Lenders
Fast-growing marketplace lenders will likely come under increasing regulatory scrutiny and oversight in the years to come.
Bank Administration Institute
Executive Report
The non-Qualified Mortgage market remains a niche market. Lenders and investors are gradually increasing their appetite for these loans, but a fully functioning secondary market has yet to take off.
Mortgage Banking
May 2016
Five years of litigation against FHA lenders under the False Claims Act has netted $5 billion in settlements for the federal government. But at what price? Some of the largest FHA lenders have curtailed or exited the business.
Mortgage Banking
April 2016
Funds flee German and Japanese bonds in search of yield. The haven of choice: the U.S., where corporate yields provide some shelter.
Institutional Investor
March 10, 2016
Read more: Negative Yields Drive Investors to U.S. Corporates
The basic profile of the servicing industry is continuing to change as servicing costs continue to soar. The result has been industry consolidation, driven by the need for operational scale to absorb sharply higher compliance costs. Plus, there’s no sign of this letting up anytime soon.
Mortgage Banking
February 2016
Robert Stowe England is an author and financial journalist who has specialized in writing about financial institutions, financial markets, retirement income issues, and the financial impact of population aging.