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May 10, 2024
Written by David Schollaert
Offshore cold-rolled (CR) coil prices remain much less expensive than domestic product, even as domestic prices have slipped to a six-month low, according to SMU’s latest check of the market.
All told, US CR prices are now 23.9% more than imports. The premium ticked down from 27% last week, distancing itself from the recent high of 31.5% in early January.
The Department of Commerce is adjusting the countervailing duties (CVDs) on imports of hot-rolled steel flat products from two South Korean producers. The agency released the final results of its administrative review for calendar year 2023, finding a lower rate for Hyundai but a higher rate for POSCO.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
The US Department of Commerce is considering raising the anti-dumping duties on imports of corrosion-resistant steel products (CORE) from Korea.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.