Industrial production increased 0.7% from January and is at its highest level in recent history.
The upward pricing momentum accelerated this week with prices now closing in on nine-month highs, with current mill offerings closer to fresh 52-week highs. Increased buying activity, steady demand, and rising costs, particularly from scrap, continue to add fuel to the current market upswing.
The upward pricing momentum accelerated this week with prices now closing in on nine-month highs, with current mill offerings closer to fresh 52-week highs. Increased buying activity, steady demand, and rising costs, particularly from scrap, continue to add fuel to the current market upswing.
President Trump said on his first day in office during an Oval Office signing ceremony that his administration is planning to impose 25% tariffs on Mexican and Canadian imports as soon as February 1. He also said his administration is not yet ready to impose universal tariffs. As a reminder, the U.S. receives about 40% of its imported steel from Canada and Mexico and sends 90% of its exported steel to those two countries. The 25% tariffs on Canada and Mexico are likely to support steel prices.
