U.S. steel prices increase by double-digit percentages

Author:
Publish date:

Spurred by new trade tariffs, U.S. steel prices have increased by double-digit percentages this year while foreign steel prices dropped, a trade research firm has found.

A new American Steel Index report by Business Forward Inc. said tariffs increased the prices on American-made, hot- and cold-rolled steel 11 percent since February. In contrast, prices on foreign steel fell 4.8 percent on average, according to the Minneapolis Star-Tribune.

Business Forward, which tracks a host of trade issues including the North American Free Trade Agreement and its pending replacement, began analyzing the effect of trade tariffs in March.

“As a result, U.S. manufacturers are paying 15.8 percent more for hot- and cold-rolled steel, on average,” the report said.

For the boating industry, that translates to higher costs for stainless steel components, according to boatbuilders such as Sabre and Back Cove Yachts.

“We decided midyear to increase our prices by 3 percent, which we never do midyear,” Sabre marketing and sales vice president Bentley Collins told Trade Only Today in September. “The cost to us — our stainless steel rails are $100,000 extra. It’s killing American jobs.”

Related

Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.

IBEX Hires Education Director

Patty Lawrence will manage the show’s preconference sessions, seminars and workshops.

Organizers Plan for In-Person Metstrade

The show is scheduled for Nov. 16-18 in Amsterdam and will incorporate virtual elements.

X Shore Secures $17M in Funding

The Swedish company’s 26-foot Eelex 8000 electric boat premiered at the Palm Beach show last month.