Steel prices continue to go down today
Steel price today delivered in January 2022 on the Shanghai Exchange fell 95 yuan to 4,293 yuan/ton at the time of the survey at 9:30 am (Vietnam time).
| Type name | Period | November 3 | Difference from previous transaction |
| Copper price | Delivery in December 2021 | 69.880 | -100 |
| Zinc price | Delivery in December 2021 | 23.615 | -180 |
| Nickel price | Delivery in December 2021 | 143.570 | -770 |
| Silver price | Delivery in December 2021 | 4.798 | -114 |
| Steel price | Delivered in January 2022 | 4.293 | -95 |
= Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
The decision by the US and the European Union (EU) to replace the Section 232 tariffs on European steel and aluminum imports with a tariff quota has been met with mixed market reactions, according to S&P Global Platts.
Iron ore chart at Shanghai exchange (Source: Shfe)
At the beginning of November, sources said, local buyers were concerned that domestic steel prices would rise further, while European steel producers sought to raise export prices to the US.
The introduction of the tariff-rate quota system will allow the reduction of tariffs on metals exported between the US and the EU up to a certain amount.
Former US President Donald Trump initiated tariffs of 25% on steel and 10% on aluminum imports of the metal from most countries under Section 232 of the Trade Expansion Act in March 2018.
European mills are optimistic about the tariff decision, as it will allow them to export to the US foreign market, where the price is 600 EUR/ton ($695.48/ton) higher than the price. HRC Ruhr shipped.
The daily Platts TSI US HRC Steel Price Index is assessed unchanged at $1,890/st on an Indiana ex-works basis on Oct. At the same time, Europe’s HRC index was also stable at EUR 1,020/ton ex-Ruhr.
Photo: London Metal Exchange
The European Steel Association (Eurofer) has also welcomed the EU and US move to replace the US Section 232 25% tariff on EU steel imports.
Axel Eggert, CEO of Eurofer, said: “This step towards Section 232 is a positive sign after frictions between the EU and the US over the years. This helps prevent further escalation in the trade dispute between the two blocs by avoiding a doubling of EU tariffs on US goods that would otherwise continue on December 1, 2021.”
The key factor for EU steel exporters to the US, Eggert stressed, is that the new tariff-rate quota system will take into account traditional EU export levels within a stable framework. Product exemptions for existing EU steel producers will be maintained or extended.
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