Overseas
June 13, 2024
Written by David Schollaert
US hot-rolled (HR) coil prices fell further this past week, bringing them even with offshore hot band prices on a landed basis.
This week, domestic HR coil tags were $710 per short ton (st) on average, down $20/st vs. last week based on SMU’s latest check of the market on Tuesday, June 11.
The US Department of Commerce has determined sizable dumping rates against Austria, Taiwan, and the United Arab Emirates in the trade case investigating imports of oil country tubular goods (OCTG). Recall the dumping investigations and a companion subsidy investigation were launched in April at the request of the US OCTG Manufacturers Association (USOMA), U.S. Steel, and the United Steelworkers.
During the first three quarters of 2026, finished steel imports from South Korea increased 50.8% compared with the same period in 2025. Imports from Vietnam increased 23.4%, imports from Turkey increased 49.5%, and imports from India increased 29.5%. Those are not marginal increases. They are substantial import surges, especially in a US market where apparent domestic consumption has bounced around but has not grown since 2017. More importantly, these import surges are arriving at lower average unit values (AUVs).
Commerce is amending the anti-dumping duties on corrosion-resistant steel products from Taiwan. The agency is currently conducting an annual administrative review of the AD order. It is considering the year ended June 30, 2024. In its preliminary results, Commerce set weighted-average dumping margins of 3.54% for Prosperity Tieh Enterprises, 20.73% for Sheng Yu Steel Co., and 5.92% for Great Grandeul Steel Co. (Samoa).
The US Department of Commerce has adjusted anti-dumping duties on imports of hot-rolled flat steel products from Japan. The adjustment has lowered duties for one company but raised them for others. Commerce made the adjustments in the final results of an administrative review of the year ended Sept. 30, 2024. The agency set a final weighted-average dumping margin of 13.96% for Nippon Steel companies. This is lower than the company’s previous rate of 29.7%.
Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.