China Relaunches Dispute With EU Over Steel Fasteners

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China has decided to relaunch “a long-running dispute with the European Union over steel bolts and screws, complaining that Brussels has not brought anti-dumping measures on the product into line with a trade panel ruling,” reports Reuters.

“A Chinese request through the World Trade Organisation (WTO) for consultations with the EU on the issue came two years after a WTO panel found flaws on the way in which Brussels had calculated its anti-dumping tariffs.”

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“In October 2012, the EU said it had reduced the duties, originally imposed in 2009, to take account of the panel ruling. But China now argues that the Brussels measures did not conform to those findings.”

Rising 1.6 percent to close at $655.00 per short ton, the US HRC futures contract 3-month price experienced the biggest change for Wednesday, October 30. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $651.00 per short ton.

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Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India were range bound. Chinese slab finished the day down 0.3 percent. Chinese HRC stayed flat.

The steel billet cash price saw little price change on Wednesday on the LME at $215.00 per metric ton. The 3-month price of steel billet remained essentially flat at $230.00 per metric ton on the LME.