Overseas
July 18, 2024
Written by David Schollaert
US hot-rolled (HR) coil prices this week drifted further below offshore hot band prices on a landed basis. The premium is now near a two-year low.
SMU’s check of the market on Tuesday, July 16, put domestic HR coil tags at $640 per short ton (st) on average, down $10/st from last week. Stateside hot band, now at a 20-month low, is down more than $200/st from a recent high of $845/st in early April.
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.