The US Department of Commerce officially began investigating the anti-dumping claim involving oil country tubular goods (OCTG) pipe imports from Vietnam.
“Last year, Vietnam exported 199,000 tonnes of OCTG to the US, earning a turnover of US$189 million and accounting for 12 per cent of the country’s imports of the product,” according to this article. “Since 2011, the Vietnamese steel sector has faced four anti-dumping lawsuits. Three previous lawsuits were on carbon-welded steel pipes, steel-wire garment hangers and welded, stainless, pressure pipe.”
The biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 12.5 percent increase on the LME to $135.00 per metric ton. This comes on the heels of a 4.0 percent decline the week prior. The 3-month price of steel billet rose 6.9 percent on the LME to $155.00 per metric ton after falling 6.5 percent during the previous week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India ended up a bit higher than last week. Chinese HRC rose by a slight 1.4 percent.
Following a steady week, prices for Chinese coking coal closed flat. Following a 0.3 percent increase, Chinese slab finished the week higher.
The 3-month price of the US HRC futures contract rose 1.3 percent this week, closing out the third week at $624.00 per short ton. At $648.00 per short ton, the US HRC futures contract spot price finished the week 0.9 percent higher. The price of US shredded scrap rose 0.5 percent after falling 0.8 percent during the previous week.
Prices for Korean steel scrap remained constant. The week finished with no movement for Korean pig iron.
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