Tech
Is The Steel Bubble About To Pop?
Steel is essential. It’s in everything from dishwashers to cars. Since the start of the pandemic, steel prices have spiked 300% over pre-pandemic levels, pricing over $1,900 at one point. Some worry it’s a bubble that’s about to burst. Watch the video above to learn more about the biggest U.S. steel manufacturers, the impact of steel tariffs, whether the U.S. steel industry can keep up with demand and what happens when that “bubble” pops.
The Covid-19 pandemic threw supply chains into chaos, and steel — an essential metal used in everything from dishwashers to cars — was not immune to these disruptions.
“Steel is certainly one of those examples of shortages, higher prices, and growing frustration among customers,” Associated Builders and Contractors chief economist Anirban Basu told CNBC.
Demand for steel dropped at the beginning of the coronavirus pandemic, but then it quickly skyrocketed. At one point, steel prices were 300% above their pre-pandemic levels at more than $1,900 per ton. Before the pandemic, steel priced between $500 per ton and $800 per ton.
Steel’s high price tag hasn’t really dropped all that much, and some worry it’s a bubble that’s about to burst.
“They have turned into a bubble. So, they go higher because they go higher,” CRU Group analyst Josh Spoores told CNBC about steel prices.
Steel is a key material in infrastructure projects, making the Biden administration’s plan to inject billions into U.S. infrastructure a huge boon to manufacturers.
“We estimate that for every $100 billion of new investment in infrastructure, that’s going to mean 5 million tons of additional steel demand,” American Iron and Steel Institute CEO Kevin Dempsey said.
Globally, steel demand in 2021 is expected to increase by 3.8% over 2020, according to the World Steel Association.
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Is The Steel Bubble About To Pop?
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Taylor Farms has been linked to cyclosporiasis and salmonella outbreaks this summer. After years of consolidation, experts say the company’s ability to control every stage of the supply chain has made it indispensable to grocers and restaurant chains, while raising the stakes for consumers when things go wrong. CNBC food and wellness reporter Brandon Gomez explains how the U.S. became so reliant on Taylor Farms.
Chapters:
0:00 Introduction
1:40 Chapter 1: Concentration of risk
6:35 Chapter 2: Food giants’ reliance on Taylor Farms
7:30 Chapter 3: Does America have a better option?
CREDITS:
Reporting by: Brandon Gomez
Produced by: Ryan Baker
Edited by: Darren Geeter, Andrea Miller
Camera and Additional Reporting: Natalie Rice
Animation by: Jason Reginato, Emily Park
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images
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How The U.S Became So Dependent On Taylor Farms
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@rugbyf0rlife
January 10, 2024 at 6:38 pm
Steel shortage meanwhile china has plenty of excess steel, but countries are slapping huge dumping tariffs on imports. Seemly like a self-created problem to me. Domestic steel producers are simply lazy, not innovative, and incapable of competition.
@luisduron2722
January 10, 2024 at 6:38 pm
Update
@user-vv7tx6gd9c
January 10, 2024 at 6:38 pm
Carbon emissions are a communist scam.
@johnwilson9666
January 10, 2024 at 6:38 pm
Seen that back in the early 2000s Sold all of our steel over to China 🇨🇳
@danielkelley3691
January 10, 2024 at 6:38 pm
That’s a lie. You dropped terriffs. U.S. steel is doomed because of democrats. Period
@allenshaw6970
January 10, 2024 at 6:38 pm
Let's see; Let me think…China: No Osha, No EPA, No state EPD, No health insurance, No pension benefits, Lower wages. Got it! Let's move these companies out of USA and over to China! F*** the American worker.
@88774
January 10, 2024 at 6:38 pm
We are short on steel because of the building of AI super soldiers and their weaponry has caused this shortage world-wide. No one will tell you until they want you to know.
@adamnordinrogers
January 10, 2024 at 6:38 pm
Steel and aluminium demand is huge in Canada for sustainable building
@GurpreetSingh-fw8wh
January 10, 2024 at 6:38 pm
America needs to be that america which was during ww2 or just after was to regain that pride.
@MrBobochow
January 10, 2024 at 6:38 pm
Tough trying to compete against the government…
@kingdomofbird8174
January 10, 2024 at 6:38 pm
Please 🙏 not steel
@phil20_20
January 10, 2024 at 6:38 pm
Onsite Nuclear Mini Reactors
@tophat2002
January 10, 2024 at 6:38 pm
News trying to pump stock
@danno8852
January 10, 2024 at 6:38 pm
Wrong again
@brucegeorge3361
January 10, 2024 at 6:38 pm
The Biden administration shut down drilling and the pipe line, now we are paying at pump. And also food prices.
@brucegeorge3361
January 10, 2024 at 6:38 pm
Why gas prices so high? Why the food so high? Bad decision by Biden.
@sea9994
January 10, 2024 at 6:38 pm
Hmm coinsides all over Jez Louise.
@rangerdon8195
January 10, 2024 at 6:38 pm
Fraud reporting
@joesphreiley7757
January 10, 2024 at 6:38 pm
China steel is garbage. The tariffs on China are needed to keep them from flooding our country with their crap. We have a trade agreement with Canada and Mexico so we don’t need tariffs.
@gman8760
January 10, 2024 at 6:38 pm
TRUMP 2024!!!!! FJB!!!!!!!
@trump1678
January 10, 2024 at 6:38 pm
Good
@ryanb1874
January 10, 2024 at 6:38 pm
Low prices ahead?
@Allison-cy5gj
January 10, 2024 at 6:38 pm
Despite the Economic crisis it's a good time to start up an investment..
@primestoragescumbags379
January 10, 2024 at 6:38 pm
I'd like to see what can be done about Prime Storage price gouging longtime customers, causing hatdships, and then selling off their stuff frim under their noses. https://youtu.be/1hI0T9Aj3ps
@tommyjohansen1887
January 10, 2024 at 6:38 pm
Ruin it all Joe,your on a roll
@splix85
January 10, 2024 at 6:38 pm
Steel is in high demand but it's not essential.
@phillipellison4758
January 10, 2024 at 6:38 pm
I remember prior to covid metal scrap price was low . We had so much of it we were selling it to China . The industry made the choice to sell off the scrap , then buy back the steel from China . Again the American worker gets stinky end of stick . I don't throw metal in with the garbage to end up in a landfill . WE already dug it out of the ground . I take our metal "garbage" to work with me and throw it in the metal scrap bin . Been doing that for 20 years . Stop making BS excuses . We already had the metal here . We shipped it off .
@waltwilliams6012
January 10, 2024 at 6:38 pm
$1900 ? ? ? per ton?
@Mr123bman456
January 10, 2024 at 6:38 pm
2 months later, I can say it has not.
@mese600
January 10, 2024 at 6:38 pm
It all started with the trade war.
@frost381
January 10, 2024 at 6:38 pm
You should talk about Aluminum. The Aluminum supply is 100x worse than Steel. We build Custom Aluminum Truck Bodies & Aluminum prices are going up for us WEEKLY! Not to mention the distributors are rationing what they have, so we cant even buy what we need per month.
@srobart
January 10, 2024 at 6:38 pm
If only Obama hadn't done cash for clunkers, which sent millions of tons of usable steel to China, at taxpayers' expense.
Oh wait, not allowed to talk about that. Disregard.
@jonathanterranova448
January 10, 2024 at 6:38 pm
Go back to work AMERICA.
@richardfoister1877
January 10, 2024 at 6:38 pm
I haul steel coils in a 18 wheeler. I've been to more than 20 facilities that make , sell and house these coils. All of them are completely full of coils. The buildings are huge. Football field wide. Three fields long. The coils are stacked floor to ceiling. I don't want y'all buying into this steel shortage crap. Because it's a complete lieeee
@andersand6502
January 10, 2024 at 6:38 pm
å
@g37fy68
January 10, 2024 at 6:38 pm
It’s a Artificial shortage of goods the docks have been holding all the containers
@redmioman1413
January 10, 2024 at 6:38 pm
Ok
@edwardh50g
January 10, 2024 at 6:38 pm
"the cure for high prices – is high prices". Well said.
@mikel9656
January 10, 2024 at 6:38 pm
i work for a big steel producer, we are putting so much money into out plants this year, and next year. Upgrades and much needed repairs, its been awesome, and a lot of work…