Global and U.S. steel markets were roiled throughout June by the Trump administration’s Section 232 investigation aiming to determine whether widespread steel import tariffs are justified due to national security implications. The U.S. Department of Commerce missed its self-imposed deadline on June 30 for concluding the investigation.
Most domestic steel prices have risen as a result of 232, while imports have laid low. Domestic hot-rolled coil prices jumped about $20/ton in mid-June to around $600/ton on average before flattening out as the month drew to a close. Many observers doubt the increases are sustainable in that they stem almost entirely to the Section 232 hearings rather than underlying demand.