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The US International Trade Commission (ITC) has decided to conduct full sunset reviews of 23-year-old anti-dumping and countervailing duties (AD/CVD) on hot-rolled (HR) steel imports.
On Friday, the US International Trade Commission (ITC) voted to continue the trade case investigation of corrosion-resistant (CORE) steel imports from 10 trading partners.
Ankara has placed anti-dumping duties of ranging from 6.10% to 43.31% on hot-rolled steel sheet from China, India, Japan, and Russia. Meanwhile, Malaysia has announced it will investigate allegedly dumped steel wire rod from China, Indonesia, and Vietnam.
On Thursday, the Department of Commerce announced it would initiate investigations into coated steel imports from ten countries.
US presidential campaigns frequently sport an “air of unreality.” No more so than the 2024 campaign, where superlatives fly around like mosquitos. Steel trade has been a feature of political discourse for at least half a century now. Just last week, it proceeded to a new level of “unreality.” Four senators - Bob Casey (D-Pa.), Sherrod Brown (D-Ohio), Marco Rubio (R-Fla.), and Mike Braun (R-Ind.) - wrote a “bipartisan” letter attacking Mexican exports of steel to the United States. They framed it as a “surge” in US steel imports from Mexico. To address this “surge,” the Senators urge the imposition of 25% tariffs on all steel imports from Mexico.
Continued highly competitive steel exports from China, amid weakening global demand, have triggered a wave of trade protectionism across major markets.
We got a little flack for adjusting our sheet momentum indicators to neutral last week. To be clear, we didn’t adjust them to lower. Part of the reason we moved them to neutral was because there are some unusual cross-currents in the current market. On the news side, you could make a case that there should nowhere to go but up.
SMU has compiled a list of key dates to watch out for in the expansive trade case filed last week targeting corrosion-resistant steel imports.
The Commerce Department said imports of Chinese pipe will continue to benefit from significant government subsidies if the US countervailing duty (CVD) order against them is allowed to expire.
Domestic steel producers and the United Steelworkers (USW) union filed a barrage of trade cases last week. This is hardly news. Ever since the Commerce Department ruled that Vietnam is still treated as a nonmarket economy (NME) for antidumping purposes, many in the business expected new cases on the product that Vietnam excels at—“corrosion-resistant steel.” Nor is it a surprise that these cases roped in nine countries in addition to Vietnam: Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, and the United Arab Emirates. All these countries rank in the top ten exporters of corrosion-resistant steel to the United States. These petitions are a broadside against coated flat-rolled steel imports.
Domestic mills have alleged substantial dumping margins in the trade case targeting imports of corrosion-resistant steel.
Sheet prices didn’t roar back after Labor Day. But steel market news sure came out of the gate strong (or maybe chaotically is the better way to put it). First, the nearly $15-billion proposed sale of U.S. Steel to Nippon Steel exploded into the news. And when I say exploded, I mean that all sides seem to be escalating things now.
US mills have filed or soon will file a sprawling trade petition against imports of coated flat-rolled steel from 10 countries. The petition seeks anti-dumping margins against Canada, Mexico, Brazil, the Netherlands, Turkey, the United Arab Emirates, Vietnam, Taiwan, Australia, and South Africa. It also seeks countervailing duty margins against Canada, Mexico, Brazil, and Vietnam. That’s according documents dated Sept. 5 and addressed to Commerce Secretary Gina Raimondo and International Trade Commission (ITC) Secretary Lisa Barton.
Trade is always front and center in an election year. And 2024 is no different. There is no shortage of issues, with questions like the sale of U.S. Steel to Japan’s Nippon Steel, potential cracks in the USMCA, and Chinese overcapacity dominating the headlines. But how do you distinguish between issues that might just last until November, and what are the crucial questions that could affect your business for years to come?
Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
American Iron and Steel Institute President and CEO Kevin Dempsey discusses the need for updated trade remedy legislation in the US.
The Department of Commerce issued the p antidumping and countervailing duties (AD/CVDs) on corrosion-resistant steel products (CORE) from South Korea.
The European Commission has initiated a trade case investigating allegedly dumped hot-rolled coil imports from Egypt, India, Japan, and Vietnam. The European Steel Association (EUROFER) filed the complaint in June, according to an Aug. 8 notice in the Official Journal of the European Union.
The Department of Commerce is updating the antidumping duties on imports of circular welded carbon-quality steel pipe from the Sultanate of Oman’s Al Jazeera Steel Products Co.
The Court of International Trade (CIT) has ruled against BlueScope Steel and its affiliates' challenge of a sunset review of the antidumping duties on hot-rolled (HR) steel flat imports.
The US Department of Commerce has announced its determination that Vietnam will keep its classification as a non-market economy (NME) country.
Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.
Six steel industry organizations have urged House Speaker Mike Johnson to include the Leveling the Playing Field 2.0 Act in any proposed package of legislation against China’s "unfair" trade practices.
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Steel trade associations applauded the introduction of the “Prove It Act” into the House of Representatives on Monday.
North America has one of the most robust steel scrap markets in the world. The continent has a long history of steel production, significant imports of steel and steel-containing products, and mature steel consumption. Due to this, the reservoir of scrap available to be recycled each year in the US and other North American markets is substantial and growing.
It’s been a slow start to the week as far as news goes, something you’d expect ahead of a shortened Independence Day week. That said, it’s not as if transactions have completely ground to a halt. (Prices continue to drift lower.) And while news might be slow, rumors of low-priced deals, price hikes, and trade cases seem to have filled that void.
At the end of every Supreme Court term there are a few big cases. This year, there are more. The last day for releasing opinions comes July 1. On Friday, the Court issued a long-awaited and long-expected decision about interpreting statutes that give powers to administrative agencies, including (among many others) the Commerce Department, the […]
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.