Steelmakers Want Duties on Korean, Turkish Steel; Futures Improve

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Reuters reported today that executives and union leaders have asked the Department of Commerce to slap duties on cheap imports of steel products from South Korea and Turkey. Steel industry executives, unions and pro-steel lawmakers made the request on Tuesday.

Industry boosters urged the Commerce Department to reverse preliminary decisions against complaints by steelmakers with operations in the US, warning the industry was under threat from imports which were often priced below cost and violated international trade laws.

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With a 0.8 percent increase over the past day, the 3-month price of the US HRC futures contract was the biggest mover, closing at $640.00 per short ton on Tuesday. The spot price of the US HRC futures contract showed little movement yesterday, hovering around $628.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.56) and a low price of CNY 830.00 ($133.94) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,360 ($542.22) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,390 ($224.31) per metric ton.

The steel billet cash price showed little movement on Tuesday on the LME at $390.00 per metric ton. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.

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