AK Steel, ATI Allegheny Cry Foul on GOES Imports; Steel Prices Drop

AK Steel and ATI Allegheny Ludlum take the lead on fingering several countries, including China, Russia, Germany and Japan, on dumping grain-oriented electrical steel (GOES) into the US.

According to company statements, “the petitions were filed in response to large and increasing volumes of low-priced imports of GOES from the subject countries over the past three years that have injured US GOES producers. Imports from the seven subject countries accounted for 85% of all imports of GOES by value in the US market in 2012.”

MetalMiner will keep tabs on the developments…

Meanwhile, the cash price of steel billet fell 4.5 percent on Thursday, September 19 to $190.00 per metric ton on the LME, making it the day’s biggest mover. The 3-month price of steel billet declined 2.1 percent on the LME to $230.00 per metric ton, after two days of improvement.

Chinese steel prices closed flat for the day.

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The prices of iron ore 58% fines from India remained rangebound. The price of Chinese HRC held steady. The price of Chinese coking coal remained essentially flat also.

The US HRC futures contract 3-month price weakened by 0.5 percent, settling at $625.00 per short ton. The US HRC futures contract spot price finished the day at $643.00 per short ton following a 0.2 percent increase.

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