Hot Rolled Coil Up, US – Mexico Steel Duty Fight Shows NAFTA Tensions

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Source: Jeff Yoders/MetalMiner.
Moves by US steel producers to seek anti-dumping duties against Mexican imports have led to a flare-up in trade tensions between neighbors in recent weeks ahead of key rulings on the cases in Washington. The Financial Times said the episode shows that even 20 years after the implementation of the North American Free Trade Agreement there continues to be serious friction in both countries related to trade and commerce.
There is growing frustration among Mexican steel producers about a pending case by US steel producers, including Nucor, to impose duties on Mexican steel rebar on grounds of below-cost production and US legislators have even waded into the dispute on the side of domestic steel producers.

On Thursday, April 17, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.3 percent increase to $655.00 per short ton. The spot price of the US HRC futures contract held steady around $656.00 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 ($135.05) and a low price of CNY 830.00 ($133.44) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,400 ($546.64) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.48) per metric ton.

The cash price of steel billet continues hovering around $390.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price saw little movement on the LME at $400.00 per metric ton.

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