U.S. Commerce Dept probing 'profiteering' in steel after tariffs: Ross 2:26pm EDT [Reuters]
CME Group Inc. - Class A (CME)
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Source: Reuters
U.S. Commerce Dept probing 'profiteering' in steel after tariffs: Ross | Reuters 3 Min Read WASHINGTON (Reuters) - The United States is launching an investigation of recent steel price hikes to determine whether some market participants are “illegitimately profiteering” from new U.S. tariffs, Commerce Secretary Wilbur Ross said on Wednesday Ross told a Senate Finance Committee hearing that the price of steel in the U.S. market has risen far more than justified by the 25 percent tariff, possibly because of “speculative activity” with some market intermediaries holding back inventories. U.S. benchmark hot-rolled steel coil June futures prices were quoted at $902 per ton on the New York Mercantile Exchange on Wednesday, up 53 percent from $589 a year ago. “There’s no reason for tariffs to increase the price of steel by far more than the percentage of the tariff and yet that’s what has been happening,” Ross said, “That clearly is not a result of the tariff, that’s clearly a result of anti
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