Biden faces hard steel choice as utilization recovers, Japan cuts output

Japan 550 Materials - Metals/Mining 674 Metals - Steel 462 Tariffs 1720 U.S. 4944

U.S. industrial activity continued to recover in January with total capacity utilization reaching 75.6% from 73.9% in December while utilization in the iron and steel sector reached 77.8% in January from 73.2% in December. The steel utilization is still below the same period a year earlier though and faces headwinds from the winter storms in February. Nonetheless, as the utilization approaches 80% the question of whether to maintain section 232 import duties is raised for the Biden administration. From a geopolitical perspective removing the tariffs would ease tensions with the EU and Ja...

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