The Commerce Department found that imports of prestressed concrete steel rail tie wire from China and Mexico were illegally dumped, subsidized by native governments to be sold in the US for a lower price, for at least the last year while no dumping of prestressed concrete steel rail tie wire from Thailand was found to have occurred.
The antidumping law provides US businesses and workers with an internationally approved mechanism to seek relief from market-distorting effects caused by injurious dumping of imports into the US, establishing an opportunity to compete on a level playing field.
In the China investigation, mandatory respondent Silvery Dragon Group Technology and Trading Co., Ltd. Tianjin received a final dumping margin of 31.40 percent on exports of subject merchandise produced by Silvery Dragon Prestressed Materials Co., Ltd. Tianjin. The China-wide entity, inclusive of Wuxi Jinyang Metal Products Co., Ltd. and Shanxi New-Mile International Trade Co., Ltd., received a final dumping margin of 35.31 percent.
In the Mexico investigation, mandatory respondent Aceros Camesa S.A. de C.V. received a final dumping margin of 9.99 percent. All other producers/exporters in Mexico also received a final dumping margin of 9.99 percent. In the Thailand investigation, mandatory respondent The Siam Industrial Wire Co., Ltd. received a final dumping margin of 0 percent. Because this company was the sole mandatory respondent, this investigation will be terminated and cash deposits will not be collected on its imports. The US International Trade Commission is scheduled to make its final injury determinations on the China and Mexico cases on June 12, 2014.
Commerce will instruct US Customs and Border Protection to collect cash deposits equal to the applicable final weighted-average dumping margins from the Chinese and Mexican importers. The petitioners for all three investigations are Insteel Wire Products Company (NC) and Davis Wire Corporation (WA).
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 ($134.34) and a low price of CNY 830.00 ($132.74) per dry metric ton. The price of Chinese HRC continues hovering around CNY 3,450 ($551.74) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($222.29) per metric ton.
The cash price of steel billet remained essentially flat at $390.00 per metric ton on the LME. For the fifth consecutive day, the steel billet 3-month price held flat on the LME at $400.00 per metric ton.
The 3-month price of the US HRC futures contract held steady yesterday, remaining around $638.00 per short ton. The spot price of the US HRC futures contract showed little movement on Tuesday, hovering around $660.00 per short ton.