Day: 6 January 2022

Removing the US antidumping duty orders on imports of certain hot-rolled flat steel from seven countries would likely lead to the continuation or recurrence of dumping, the US Commerce Department said in a final determination.

The decision follows an expedited five-year sunset review of the antidumping duty orders on hot-rolled coil from Australia, Brazil, Japan, South Korea, the Netherlands, Turkey and UK, according to a Federal Register notice Jan. 5.

Should the duties be removed, Commerce found dumping would likely occur at margins of up to 29.58% for Australia, 34.28% for Brazil, 11.7% for Japan, 11.1% for South Korea, 3.73% for the Netherlands, 24.32% for Turkey and 33.06% for the UK.

This was the first sunset review of the antidumping duty orders, which were put in place in September 2016.

Commerce also issued a final determination that removing the existing countervailing duty order on HRC imports from Brazil would be likely to lead to the continuation or recurrence of subsidies at up to 11.3%. This decision also follows an expedited five-year sunset review.

— Justine Coyne

European stainless steel hot and cold rolled coil prices remain high this month due to increasing alloy surcharges. However, the effect of declining Chinese and other Asian countries’ prices is beginning to reflect on European coils. EU coil prices are reported to have stopped rising for the first time in months, Kallanish hears from market sources.

While current high values are forecast to continue through 2022, European stainless CRC levels that started from €4,000/tonne ($4,521) delivered in Europe in December are now starting at €3,900. They go up to €4,200/t delivered depending on month of delivery.

Producers are now quoting lead times for the second quarter of 2022, depending on customer and contract, and some are only supplying their own customers and refusing new clients. European mills are said to have full order books.

However, the Asian price decline is being felt on European HRC, which is now sold at €3,700-3,800/t delivered on average. HRC can be found at €3,100/t cfr from Asia, while Chinese prices for both CRC and HRC are said by importers to be around €500/t lower compared to European producers. Italy is a net importer of HRC from Asia and Italian prices are usually lower compared to northern European values.

While sheet and flats prices have increased steadily in all Western Europe, in line with coil hikes, re-rollers are now pushing up values of stainless tube, for which demand has been weaker than stainless flats, Kallanish notes.

Natalia Capra France

The number of requests awaiting allocation for certain product category imports into the EU already exceeds the permitted first-quarter safeguard quota for those products, indicating the quota is already exhausted. Among the products in this situation is Turkish rebar, Kallanish notes.

As of close on 5 January, 63,555 tonnes of Turkish-origin rebar imports were awaiting allocation by the European Commission, compared to the Q1 quota of 60,592t, according to the Commission’s tariff quota consultation portal.

Merchant bars and light sections imports from Turkey awaiting allocation meanwhile were 87,228t versus the quota of 64,157t. Hollow sections imports from Turkey awaiting allocation were 86,910t versus the quota of 68,575t. Turkish-origin hot rolled coil had 280,741t awaiting allocation versus the quota of 323,205t, suggesting it could be exhausted soon.

Various Indian-origin products have also already exhausted or are about to exhaust EU quotas. Cold rolled coil imports from this destination awaiting allocation were 163,795t versus their Q1 quota of 147,656t. Category 4A coated sheet imports from India awaiting allocation were 76,141t versus the quota of 48,560t. Organic coated sheet imports from India awaiting allocation were 125,255t versus the quota of 71,152t.

Category 4B coated sheet imports from China awaiting allocation meanwhile were 181,830t versus the quota of 116,083t.

Adam Smith Germany