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Tariffs

Steel Shipments Plummet at Hamilton Port Amid Trade War

Strategic Insights

— 1 min read

Steel shipments at the port of Hamilton have fallen significantly as a result of the ongoing trade war and steep steel tariffs imposed by the US. Last year, by this time, 587,489 tonnes of steel products had moved through the Hamilton harbour facility, but this year's year-to-date steel tonnage stands at only 206,556, a 65% drop. The impact of the tariffs is also evident in the related shipments of coal and coke, which are down by 20%.

Key Takeaways:

  • Steel shipments at the port of Hamilton have dropped by 65% this year, from 587,489 tonnes to 206,556 tonnes, according to the Hamilton-Oshawa Port Authority.
  • The decline is largely attributed to the US tariffs on imported steel, which have been doubled from 25% to 50%.
  • The tariffs have effectively closed the American border to Canadian steelmakers, forcing them to adjust their business models and focus on domestic sales.
  • Related shipments of coal and coke have also declined by 20% this year.
  • The port authority CEO, Ian Hamilton, notes that other commodity shipments, particularly grain, have seen an increase, with grain shipments up by 20% year-to-date.
  • The Canadian Steel Producers Association president, Catherine Cobden, has stated that the tariffs have had a significant impact on the domestic steel industry.
  • Local steelmakers, such as ArcelorMittal Dofasco and Stelco, have been forced to adapt to the new market conditions, with Stelco announcing it would no longer export steel to the US.
  • The port authority has suspended its plans to create new short-sea linkages with US locations, but is exploring new strategies focused on Canadian partnerships.

Statistics:

  • Steel shipments at the port of Hamilton have dropped by 65% this year, from 587,489 tonnes to 206,556 tonnes.
  • Coal shipments are down by 20% this year.
  • Grain shipments are up by 20% year-to-date.
  • The US tariffs on imported steel were first imposed in March and doubled in June.

Sources:

  • "Steel shipments at Hamilton port plummet, port CEO says tariffs are to blame," by Matthew Van Dongen, Hamilton Spectator (September 2023)
  • "Canadian Steel Producers Association," Canadian Steel Producers Association (2023)
  • "Hamilton-Oshawa Port Authority," Hamilton-Oshawa Port Authority (2023)

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