Josh Spoores

Commodity indices in 2026 are currently in line with 2022, (Strait closure vs Russian invasion of Ukraine). Starting to hear of some cost-push on petro chemicals, that trend is likely coming for steel.

Those industrial demand green shoots (PMI, Fed manufacturing surveys, IP strength)? Flatbed spot rates are confirming this upwards trend.

Commodity prices have had a breakout start to 2026. Beyond gold/copper/silver, met coal is +22% YTD; fertilizers firm; tungsten rallies; lithium rebounds. CRU Prices & Indices covers breadth across metals, battery materials & fertilisers. Request a demo: ow.ly/YZ4j50YgYRT

@Geo_papic @JacobShap Great podcast, definitely one to listen to again.

Cousin @JacobShap and I handle a very important topic in this episode: how to deal with BIAS. I think this is one of the most important pods we have recorded. podcasts.apple.com/us/podcast/aga…

These investments will permanently alter US Steel's position in North America. The future US Steel is one where they gain market share by increasing production through efficiency gains, lower emissions, and produce higher value steel and steel products.

"US Steel unveils new era of growth" - US Steel is running full speed ahead on $14 B of capital investments. Our view remains that US Steel has become a 'Super Competitor' strictly due to the exceptionally long acquisition process. ussteel.com/media/newsroom…

Benchmark US Manufacturing data point: ISM PMI shows New orders fell for the 5th month. Prices rose for the 9th month. Production flattened after falling for the prior 3 months. Steel-related manufacturers are clearly begging for change. ismworld.org/supply-managem…

What does this mean for steel? Likely we should expect a quota on some steel imports. So steel supply will grow and we just need demand to wake up.

Is this the emerging trade framework? Some tariffs in exchange for quotas/exemptions on some items? "The EU is also seeking quotas and exemptions to lower duties on autos, steel, and aluminum, the report said." finance.yahoo.com/news/live/trum…

Thanks to @Marketplace for including me in their interview about steel mill capacity investments and steel tariffs. Always a pleasure! marketplace.org/story/2025/06/…

@Fabricating with great coverage of our recent 'Emergency webinar' on the new 50% steel and aluminum tariffs!

Article link here asia.nikkei.com/Business/Busin…

Honored to be quoted in @NikkeiAsia on Nippon Steel approved to buy US Steel: "...in essence it created a super competitor in our view, where we have patient capital, a well-capitalized firm with a long-term view that is bringing its advanced steelmaking to the U.S."

Were excessive tariffs simply negotiating leverage? Looks that way as another trade framework suggests minimal steel tariffs may come with a trade agreement. Excellent reporting by @JoeDeaux finance.yahoo.com/news/us-mexico…

S232 tariffs are now making their way through the supply chain

SMU: "CMC, Gerdau raise rebar prices by $60-100/ton" steelmarketupdate.com/2025/06/06/cmc…

Antidumping and countervailing duty case filed on rebar #steel in the US. This filing was quickly followed by big increases in rebar prices. whitecase.com/insight-alert/…

Thank you to Keith Johnson (@KFJ_FP) at @ForeignPolicy for a great conversation about the upsized S232 steel tariffs. foreignpolicy.com/2025/06/05/tru…

President Trump supports the Nippon Steel–US Steel partnership, promising a $14B boost to the US economy and keeping #USsteel in Pittsburgh. CRU’s Josh Spoores (@HRC_Steel) shares insights on this game-changing deal. Read more ow.ly/PK1Y50W3ZZ2 #NipponSteel #USeconomy

Happy to share insight yesterday about the US steel market with @CNBC with the link below cnbc.com/2025/06/02/tru…