Steel Closes Flat; Alabama Senators Join Call for Rebar Dumping Action

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Alabama US Senators Jeff Sessions and Richard Shelby, both republicans,  joined 29 other senators in signing a letter to Commerce Secretary Penny Pritzker that asked the Commerce Department to consider the interests of the US steel industry as it investigates dumping allegations of reinforced bar, or “rebar,” from Turkey and Mexico.

“As the Department investigates dumping and subsidies, we respectfully request that the domestic rebar industry be given full consideration,” the letter said. “American businesses and workers expect that the Department will find dumping and subsidization where it is occurring, and will prosecute unfair trade practices to the full extent of the law.”

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.06) and a low price of CNY 830.00 ($133.45) per dry metric ton. Chinese HRC held its value yesterday at CNY 3,400 ($546.66) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($223.49) per metric ton for the fifth day in a row.

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

The 3-month price of the US HRC futures contract saw little movement on Tuesday at $640.00 per short ton. For the fifth day in a row, the US HRC futures contract spot price remained essentially flat at $653.00 per short ton.

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