US Steel Newsreel - Issue 5

02/10/25 - HRC this morning is reacting strongly to President Trump's Sunday pre-game announcement that he will introduce new 25% tariffs on all steel and aluminium imports into the US. This is on top of existing metals duties. He will also announce reciprocal tariffs on Tuesday and Wednesday. HRC futures traded over 1300 lots on screen between March and May with March last trading at $850 and Q2 25 at $865. This follows a week of muted reaction to a general uptick in spot physical pricing that leaves our cluster of prints currently with US Steel and CLF at $800, Nucor at $775, Platts at $750, CRU at $728 and SMU at $725. This morning we wait on the weekly Nucor CSP and wonder if they had time to adjust to the late announcement. Keep a close eye out also for CLF who have had their $800 print sitting since December 13th. This would be perfect timing for them to announce a fresh hike. We wait to see commercial reaction and details of timing and potential negotiating adjustments to the 25% across the board tariff announcement.?Making it all the more important to keep a close eye on headline and breaking news for any fresh twists to the drama.

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