The reports are in for 2018.
The US imported $74.8 billion of iron and steel. The People’s Republic of China topped the list of 156 global trade partners, with 20% of these imports, followed by Canada (13.9%) and Mexico (10.1%).
Tariffs on China were raised from 10% to 25% as of midnight 5/9/2019 on $250 Billion worth of goods & products. Not only does this affect iron and steel prices, it also affects finished goods.
IFNM is experiencing an increase in cost of 36% for new steel purchases. We believe that this is not only due to the tariffs, but also speculators in that market.
At IFNM, we use re-claimed metal as much as possible, which is also good for the environment.
Read more:
“US Iron and Steel Imports by Supplier Countries”; APRIL 24, 2019 BY DANIEL WORKMAN (Worlds top exports) http://www.worldstopexports.com/us-iron-and-steel-imports-by-supplier-countries/
“Trump Ends China Trade Truce as Both Sides Plan More Tariffs”; May 9, 2019, 10:01 PM MDT Updated on May 10, 2019, 5:09 AM MDT by Shawn Donnan, Jennifer Jacobs and Kevin Hamlin (Bloomberg Economics)
https://www.bloomberg.com/news/articles/2019-05-10/u-s-hikes-tariffs-as-china-talks-are-poised-for-a-second-day
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