Steel leaders urge vigilance on Section 232 enforcement
Any weakening in the enforcement of the Section 232 tariffs on steel imports could lead to lower prices for steel commodities with seriously adverse effects on American producers, witnesses testified at a hearing of the Congressional Steel Caucus on Thursday March 5.
This is a particularly vulnerable time for the US steel industry, according to John Brett, president and chief executive officer of ArcelorMittal USA.
Weak US domestic demand for hot-rolled coil has sent prices lower than they were before the tariffs were imposed, making it more important that enforcement of the tariffs remain strong and consistent, Brett told the Congressional panel.
Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $30.33 per hundredweight ($606.60 per short ton) on March 5.
The index averaged $30.03 per cwt for the full year 2019, down by 27.4% from an average $41.37 per cwt in 2018 and off slightly from an average of $31 per cwt in 2017 - the year before 232 tariffs...
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