What is happening: Certain steel varieties are as much as 70% more expensive domestically than from abroad in the US.
Why is this happening: America has a 25% levy on steel imports at the moment, driving business and profits towards domestic producers.
Prices: However, domestic prices have now shot through the roof, turning attention back to foreign mills. These producers from abroad account for more than 20% of the US’ steel supply. Even with the tariffs and shipping costs, some of these are proving to be a cheaper option.
Imports: Finished steel imports are down 13% year-on-year through October.
Domestic: Steel producers in the US are rushing to fill the demand gap. For example, the US Steel Corp have reopened old blast furnaces and re-hired hundreds of old works this year.
Slump: If demand plunges the US may see another steel slump pretty soon, as major customers like GM are shutting American factories.