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Industry Association Demands Government Response to US Steel Duty Increase to 50%

On May 30, Trump announced a 50% increase in tariffs on steel and aluminum imports to the United States

In May, the US signed a trade deal with Britain, Trump promised and postponed 50 percent tariffs for the EU

The goal is to increase domestic production

Total steel imports fell by 17.1% m/m over the month

The deal is key to Nippon Steel's global expansion strategy, but its format remains unknown

Compared to May's offers, the price of hot-rolled coils fell by $65/t

The document, in particular, proposes cooperation in export control and combating excess capacity

Offers for the week of May 19-25 fell by $20/t, and since the beginning of the month – by $50/t

Conditions in the US HCR market continue to soften

The country notified the WTO of its intention to impose retaliatory tariffs

The parties will continue discussing economic and trade relations