Overseas
July 5, 2024
Written by David Schollaert
US hot-rolled (HR) coil prices fell again this week – now on a 13-week run – causing tags to drift further below offshore hot band prices on a landed basis.
This week, domestic HR coil tags were $665 per short ton (st) on average, down $5/st vs. last week based on SMU’s latest check of the market on Tuesday, July 2.
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.
The Department of Commerce thinks revoking the anti-dumping duty (AD) orders on cut-to-length carbon steel plate from China and Russia would lead to the recurrence of dumping at significant margins.
The Commerce Department has made its preliminary findings in the anti-dumping portion of the trade case investigating large-diameter graphite electrodes (LDGE) from China and India. The agency found that LDGEs from both countries are being, or are likely to be, sold in the US at less-than-fair-value.
The US Department of Commerce has determined that the anti-dumping duty (AD) suspension agreement on cut-to-length plate imports from Ukraine should not be sunset.
The result comes after Mexico’s Ministry of Economy completed a five-year sunset review of the anti-dumping duty (AD) order on imports of hot-rolled (HR) sheet from Russia and Ukraine.