Canada has announced $21 billion in retaliatory tariffs targeting US steel and aluminum imports, escalating the ongoing trade conflict. Explore the implications for industries, diplomacy, and global markets.

European steel producers are braced for increasing hot rolled coil prices due to consumer optimism and the European Commission's softened CO2 emissions targets. The market is psychologically ready for the price hike, with distributors and traders forecasting a rise.

The European Commission has launched a strategic dialogue with key steel industry representatives to discuss plans for strengthening the sector's competitiveness, driving environmental transition, and ensuring fair trade relations.

Trump administration adds 167 steel derivatives, including fasteners and prefabricated buildings, to the Section 232 tariff list aiming to protect domestic steel producers by adjusting tariffs on imported steel products.

Global iron ore exports grew by 2% in 2024, reaching 1.6 billion tons. Australia led with 866 million tons. China imported a record 1.24 billion tons, driven by improved macroeconomic conditions and stable steel production. Explore key trends and insights.

In January-November 2024, EU scrap exports decreased by 9.3% compared to the same period in 2023, totaling 15.6 million tons. Turkey remains the largest importer, accounting for over 60% of total exports. Declines in exports to India and Pakistan indicate regional demand shifts. EU initiatives to preserve scrap for domestic production may further impact future exports.

In November 2024, the EU's industrial production increased by 0.1% month-on-month, with the euro area showing a slighter rise of 0.2%. However, compared to the previous year, production fell by 1.7% in the EU and 1.9% in the euro area. Belgium, Malta, and Lithuania led the monthly growth, while Ireland, Luxembourg, and Portugal saw declines. Annualized data and energy production figures also revealed mixed results. The ECB recently cut interest rates, predicting inflation to average 2.4% in 2024.

US President Joe Biden has blocked the proposed acquisition of US Steel by Nippon Steel due to national security concerns. Despite Nippon Steel's promises to invest $2.7 billion and retain the workforce, CFIUS did not support the deal. The United Steelworkers union applauds Biden's decision, while US Steel and Nippon Steel plan to take legal action, arguing the decision lacks credible evidence and sacrifices the future of American steelmakers.

Nippon Steel has postponed the closing date for its acquisition of US Steel to the first quarter of 2025. The decision follows a review by CFIUS and awaits President Biden's final approval. The Japanese steelmaker remains confident in the deal, which faces opposition from labor unions and politicians. Nippon Steel has offered to relocate its US headquarters to Pittsburgh to mitigate concerns.

Japanese steelmaker Nippon Steel and trading house Sojitz will acquire a 49% stake in Champion Iron’s Canadian iron ore project for $152 million. Nippon and Sojitz will own 30% and 19% of the shares, respectively, and will share development and construction costs in accordance with their share in the mine, Champion said in a statement.

Baosteel, a leading Chinese steelmaker, has announced that it will maintain current prices for hot rolled coil (HRC), cold-rolled coils, plates, and galvanized steel for January 2025 sales. The only exception is polymer-coated steel, which will see a price increase of RMB 100 per tonne. This pricing strategy remains consistent with December's prices, as domestic demand remains low. Despite this, Baosteel aims to increase steel exports to 10 million tons per year by 2028, with record-high exports achieved in the first half of 2024.

The global hot-rolled coil market experienced uncertainty in November 2024, with consumer activity declining due to weak demand and economic instability. Despite slight price increases in some regions, producers faced difficulties due to excess inventories and competition from imported suppliers. The European market showed relative stability, while the US market saw a noticeable decline in prices. In China, the market was volatile, ending the month with a slight decrease. The outlook remains uncertain, as production is expected to decline before the holiday season. Factors such as weak demand from key industries, anti-dumping investigations, and domestic overcapacity pose challenges for the market.