US Steel Shares Drop After US Rules That Korea Is Not Dumping

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U.S. Steel Corp.’s shares “fell the most in 17 months after the Department of Commerce rejected its claim that South Korea is selling steel tubing into the U.S. below cost.” reports Bloomberg.

“U.S. Steel fell 5.8 percent to $25.18 at 10:52 a.m. in New York, after declining as much as 7.3 percent, the biggest intraday drop since Aug. 23, 2012.”

“The Commerce Department announced its preliminary ruling — including the imposition of anti-dumping duties on imports from eight other countries — after the close yesterday. A final determination may be made in July, with the U.S. International Trade Commission making a final decision by Aug. 21, the department said in a statement.”

In metal price news for steel…

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC rose 1.2 percent after falling 0.6 percent during the previous week. The week finished with no movement for Chinese coking coal. Prices for Chinese slab remained constant, closing the week.

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On the LME, the steel billet 3-month price remained steady from the previous week at $360.00 per metric ton. Also on the LME, the steel billet cash price traded sideways last week, hovering around $355.00 per metric ton.

Korean steel prices were mixed for the week. The price of Korean steel scrap declined 1.6 percent over the past week. Following a steady week, prices for Korean pig iron closed flat.

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