For manufacturers and consumers, they are likely to get squeezed by these higher prices. We will see in a couple days if any further details are set in stone that will provide more perspective on the global steel market and in turns its trickle down effect on the scrap metal market.
Update May 31st, 2018: U.S. to impose aluminum and steel tariffs on Canada, Mexico and the European Union
Announced on Thursday, May 31st there will be tariffs imposed on steel and aluminum imports from Canada, Mexico and the European Union. Both Canada and the European Union are expected to retaliate with import tariffs against the U.S. The steel and aluminum tariffs have drawn heat from our closet allies with Canadian Prime Minister Justin Trudeau calling the levies, “totally unacceptable” and European Commission President Jean-Claude Juncker saying “this is protectionism, pure and simple.” Both, along with Mexicio are expected to target a number of U.S. goods including steel in response. The tariffs go into effect Friday, June 1st.