The OECD’s Global Forum on Excess Steel Capacity meets this week with a view to assessing the implementation of six policy principles set out last November. Since then steel prices have increased (hot rolled coil prices are up by 41% in September vs. November) while much of the policy action globally has related to tariffs rather than capacity. America’s “national security” tariffs have drawn threats / implementation of “safeguarding” policies from Canada, India and the EU.
While the U.S. section 232 duties drove a 23% drop in imports – and therefore an increase in domestic produc...