1. Raw Material Markets
Iron Ore: Prices stable at ~$110-120/ton (62% Fe, CFR China), supported by steady supply from Australia/Brazil.
Coking Coal & Coke: Prices remain volatile; China's coke producers implemented multiple price hikes in Q2.
2. Industry Highlights
India's Steel Boom: Expected to surpass 160M tons/year production by 2025, driven by infrastructure growth.
US Infrastructure Bill: Sustained demand for steel in construction and renewable energy projects.
3. Canadian Steel Producers Criticize Government's Tariff Rate Quota Plan
The Canadian Steel Producers Association (CSPA) expressed concerns over Canada's new tariff rate quota (TRQ) system, which allows high levels of foreign steel imports without tariffs. The industry argues this fails to address the crisis caused by U.S. 50% tariffs on Canadian steel, which have already led to nearly 1,000 job losses and reduced shipments to the U.S. market2.
4. Nucor Raises Hot-Rolled Coil Prices Amid 50% U.S. Tariffs
Nucor increased its hot-rolled coil (HRC) consumer spot price to $890/ton (up $20) following the U.S. imposition of 50% Section 232 tariffs on steel imports. Analysts warn this could lead to higher end-consumer prices and shift global trade flows4.
5. U.S.-Mexico Steel Trade Deal Hangs in Limbo
Negotiations over a proposed quota-based agreement to avoid U.S. tariffs on Mexican steel remain unresolved. The deal's success hinges on Mexico meeting U.S. demands on border security, with risks of renewed tariffs if talks collapse. U.S. steelmakers like Nucor and Cleveland-Cliffs could benefit from reduced Mexican competition5.