Pavel Ignatov/Adobe Stock
This morning in metals news, U.S. steel prices have gained some upward momentum over the last month, the U.S. and Mexico are reportedly drawing closer to an agreement over revisions to the United States-Mexico-Canada Agreement (USMCA), and U.S. steel import permit applications declined in November.
After appearing to bottom out in mid-October through mid-November, U.S. steel prices have since been on the rise.
U.S. CRC has jumped 8.04% over the last month, while HDG is up 9.25%, according to MetalMiner IndX data.
U.S. HRC has surged 11.8% over the last month.
U.S., Mexico near USMCA deal
According to Reuters, the U.S. and Mexico are nearing a deal regarding revisions to the USMCA, the proposed successor to the North American Free Trade Agreement (NAFTA).
Leaders of the three countries signed the agreement late last year, but it still requires ratification by the countries’ legislatures.
This summer, Mexico’s legislature was the first of the three to ratify the agreement; however, ongoing revisions to the deal are being worked through, as the deal still requires Democratic support in the U.S.
Steel import permit applications decline in November
Steel import permit applications in November declined compared with the previous month, according to the American Iron and Steel Institute (AISI).
Permit applications in November totaled 1.86 million net tons, AISI reported, down 28.1% from October’s recorded 2.59 million net tons.
