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boggsman1
Joined: 24 Jun 2002
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 Posted: Tue Jul 09, 2019 4:13 pm Post subject: |
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Techno...here's a tidbit I just read...:
1709 ET - Nucor announces a $40-a-ton increase in the price of its flat-rolled steel after a $40 increase last month appeared to be modestly successful at sticking, Jefferies says. Expect other mills to follow suit. US steel producers are desperate to put the brakes on the plunging steel market, which washed away other short-lived price increases earlier this year. The benchmark price of hot-rolled coiled steel in the US is down more than 40% in the past year to $538 a ton, according to Platts, amid weakening demand for steel by manufacturers. US steel mills shipped 8.1 million tons of steel in May, down nearly 1% from April, says the American Iron and Steel Institute. (robert.tita@wsj.com; @bob_tita)
Ronald Reagan Quote: “If you want more of something, subsidize it; if you want less of something, tax it.” |
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MalibuGuru
Joined: 11 Nov 1993
Posts: 9300
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| Posted: Wed Jul 10, 2019 2:25 am Post subject: |
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| boggsman1 wrote: | Techno...here's a tidbit I just read...:
1709 ET - Nucor announces a $40-a-ton increase in the price of its flat-rolled steel after a $40 increase last month appeared to be modestly successful at sticking, Jefferies says. Expect other mills to follow suit. US steel producers are desperate to put the brakes on the plunging steel market, which washed away other short-lived price increases earlier this year. The benchmark price of hot-rolled coiled steel in the US is down more than 40% in the past year to $538 a ton, according to Platts, amid weakening demand for steel by manufacturers. US steel mills shipped 8.1 million tons of steel in May, down nearly 1% from April, says the American Iron and Steel Institute. (robert.tita@wsj.com; @bob_tita)
Ronald Reagan Quote: “If you want more of something, subsidize it; if you want less of something, tax it.” |
So, tariffs are bringing prices down? |
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boggsman1
Joined: 24 Jun 2002
Posts: 9120
Location: at a computer
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| Posted: Wed Jul 10, 2019 8:59 am Post subject: |
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| MalibuGuru wrote: | | boggsman1 wrote: | Techno...here's a tidbit I just read...:
1709 ET - Nucor announces a $40-a-ton increase in the price of its flat-rolled steel after a $40 increase last month appeared to be modestly successful at sticking, Jefferies says. Expect other mills to follow suit. US steel producers are desperate to put the brakes on the plunging steel market, which washed away other short-lived price increases earlier this year. The benchmark price of hot-rolled coiled steel in the US is down more than 40% in the past year to $538 a ton, according to Platts, amid weakening demand for steel by manufacturers. US steel mills shipped 8.1 million tons of steel in May, down nearly 1% from April, says the American Iron and Steel Institute. (robert.tita@wsj.com; @bob_tita)
Ronald Reagan Quote: “If you want more of something, subsidize it; if you want less of something, tax it.” |
So, tariffs are bringing prices down? |
In this case yes, global growth is slowing quite dramatically, and trade policy is part of that...so commodity prices , like steel are cratering. That's why the EU, and Jerome Powell are panicking. |
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techno900
Joined: 28 Mar 2001
Posts: 4161
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| Posted: Wed Jul 10, 2019 10:22 am Post subject: |
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boggs, this whole thing started by you saying:
| Quote: | | Techno...the entire Steel industry , which stood on the podium with Trump last January and lauded the steel tariffs, is now on the verge of bankruptcy. |
Now it seems that we have finally gotten to the "whole story" - The issue with steel has little to do with the tariffs which was my point in the beginning. |
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boggsman1
Joined: 24 Jun 2002
Posts: 9120
Location: at a computer
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| Posted: Wed Jul 10, 2019 10:40 am Post subject: |
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| techno900 wrote: | boggs, this whole thing started by you saying:
| Quote: | | Techno...the entire Steel industry , which stood on the podium with Trump last January and lauded the steel tariffs, is now on the verge of bankruptcy. |
Now it seems that we have finally gotten to the "whole story" - The issue with steel has little to do with the tariffs which was my point in the beginning. |
Not true at all. Tariffs are like putting sugar in your gas tank. If you track the steel industry's performance, and the pricing since the tariffs took effect, its uncanny. In fact, almost as soon as the new plants were fired up as part of the photo-op, the industry started its demise. Protecting a profitless industry almost never works....
You have to let the free markets work, tariffs are terrible policy with a 0% track record. Suppliers and end users loaded up in early 2018 pre-tariffs, then oversupply crushed prices and now all these companies are hanging by a thread...stay tuned for the next phot-op, probably next spring during the primaries... |
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mat-ty
Joined: 07 Jul 2007
Posts: 7850
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| Posted: Wed Jul 10, 2019 1:54 pm Post subject: |
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| boggsman1 wrote: | | techno900 wrote: | boggs, this whole thing started by you saying:
| Quote: | | Techno...the entire Steel industry , which stood on the podium with Trump last January and lauded the steel tariffs, is now on the verge of bankruptcy. |
Now it seems that we have finally gotten to the "whole story" - The issue with steel has little to do with the tariffs which was my point in the beginning. |
Not true at all. Tariffs are like putting sugar in your gas tank. If you track the steel industry's performance, and the pricing since the tariffs took effect, its uncanny. In fact, almost as soon as the new plants were fired up as part of the photo-op, the industry started its demise. Protecting a profitless industry almost never works....
You have to let the free markets work, tariffs are terrible policy with a 0% track record. Suppliers and end users loaded up in early 2018 pre-tariffs, then oversupply crushed prices and now all these companies are hanging by a thread...stay tuned for the next phot-op, probably next spring during the primaries... |
0% track record???????
https://www.forbes.com/sites/briandomitrovic/2018/03/09/when-tariffs-worked/#7b19e79f70f9 |
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boggsman1
Joined: 24 Jun 2002
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| Posted: Wed Jul 10, 2019 2:33 pm Post subject: |
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| Ha .... I guess when comparing the US economy in 1787, to 2019, you make a strong point, Maybe Trump is attempting to take us back. Keep burnishing your love for taxes, next you'll tell me you love the fact that we're spending more on interest on the debt than defense.... |
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real-human
Joined: 02 Jul 2011
Posts: 14881
Location: on earth
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| Posted: Wed Jul 10, 2019 8:13 pm Post subject: |
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speaking of the 1700s...
,
_________________
when good people stay silent the right wing are the only ones heard. |
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mac
Joined: 07 Mar 1999
Posts: 17747
Location: Berkeley, California
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mat-ty
Joined: 07 Jul 2007
Posts: 7850
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| Posted: Thu Jul 11, 2019 12:51 pm Post subject: |
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Possible your dumbest post....where would I even begin????? |
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