Overseas
August 23, 2024
Written by David Schollaert
The price gap between US cold-rolled (CR) coil and imported CR has widened since falling to a 10-month low in late July.
Domestic CR coil tags remain above offshore prices on a landed basis. Stateside prices have begun rising after falling to their lowest levels since last October. This is while offshore tags have been easing.
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.
President Trump’s senior counsel for trade and manufacturing, Peter Navarro, has criticized South Korea for subsidized and transshipped steel. “South Korea is inundating the U.S. with highly subsidized steel and steel transshipped from China,” Navarro wrote in a post on X. “We are cracking down." In comments to C-SPAN, Navarro pointed to the White House’s recent report, the Great Transshipment Scam.
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.
The US Department of Commerce is considering raising the anti-dumping duties on imports of corrosion-resistant steel products (CORE) from Korea.
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.