In this week's Market Movers Americas, presented by Nicole Baquerizo:
• Container rate increases founder amid weak shipping demand
• Steel industry leaders to testify at Congressional Steel Caucus
• Washington state's second auction results to be released
This week, the North American shipping containers market is expected to be bearish, despite carriers' efforts to implement a June 1 General Rate Increase for trans-Pacific imports.
Market participants expect the increase to fall flat, mirroring failed mid-April GRI attempts. While container rates may show a temporary uptick, weak demand for goods is not seen supporting the increase as carriers compete for limited volumes.
In metals, executives from steel companies and the United Steelworkers union will be on Capitol Hill to testify before the Congressional Steel Caucus on Wednesday.
Witnesses will discuss the state of the steel industry and key policy priorities for Congress and the administration. Executives from Cleveland-Cliffs, Commercial Metals Company, Nucor and US Steel are scheduled to testify.
Results from Washington state's second carbon credit auction are expected to be released this week. The auction, which was held on May 31, offered about 8.5 million current-year allowances and about 2.5 million future vintage allowances.
The first auction in February sold all allowances offered and had a settlement price of $48.50/mt. The Washington cap-and-trade program aims to decarbonize the state by 2050.
I'm Nicole Baquerizo. Thank you for kicking off your Monday with S&P Global Commodity Insights.