Economy
Cliffs Cheers Commerce Decision on Tin Mill Products
June 21, 2023
The US Department of Commerce has reached a preliminary determination that producers of tin mill products from China benefit from significant countervailable government subsidies.
Cleveland-Cliffs applauded the decision in a press release on Wednesday.
The Cleveland-based steelmaker said Commerce found a subsidy rate of 542.55% for Baoshan Iron and Steel and a rate of 89.02% for Jingtang Iron and Steel, while a rate of 89.02% will apply to all other exporters. Cash deposits on the imported product will now be required.
Additionally, Commerce said it was initiating an investigation of further subsidies alleged by petitioners Cliffs and the United Steelworkers (USW) union, the release said.
Cliffs and the USW filed a trade case targeting imported tin mill products in January.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.
Hot-rolled spot market conditions linger, prices slip
Market participants said they have high hopes that the stable hot-rolled spot market will improve as the year rolls on.
Dodge Momentum Index surges in July
The Dodge Momentum Index (DMI) jumped 20.8% in July and is now up 27% year-to-date, according to the latest data released by Dodge Construction Network.
ISM: Manufacturing growth slows in July, hits 10-month low
US manufacturing activity slowed again in July to a 10-month low
CRU: Pushing EU imports back to 15% would be a big task
Several EU member states have published a ‘non-paper’ that puts forward proposals for a post-safeguard trade measure.