A battle began to brew this week over steel imports and exports between Mexico and the US.
The Commerce Department issued a preliminary determination that both Turkey and Mexico have “dumped“ rebar into the US. Mexican producers face duties of between 10-66%, depending on the mill and Turkish importers face a 0-2.64% duty. Commerce also slapped duties on Mexican and Chinese imports of prestressed concrete steel rail tie wire while finding that Thai imports were not “dumped.”
In Arkansas Big River Steel finally won a lengthy permit fight with Nucor over a proposed new plant near one already run by Nucor. BRS had its permit upheld and says it will begin construction by June.
The week’s biggest mover on the weekly Raw Steels MMI® was the price of Chinese HRC, which saw a 2.6 percent decline to CNY 3,360 ($536.93) per metric ton. This comes on the heels of a 1.5 percent increase the week before. Chinese billet prices held steady from the previous week at CNY 3,110 ($496.98) per metric ton. Closing at CNY 1,390 ($222.12) per metric ton, Chinese coking coal remained unchanged for the week. Prices for 58% Indian iron ore fines low remained constant, closing the week at CNY 840.00 ($134.23) per dry metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.23) and a low price of CNY 830.00 ($132.63) per dry metric ton.
At $400.00 per metric ton, the 3-month price of steel billet remained essentially flat on the LME. Also on the LME, the steel billet cash price traded sideways last week, hovering around $390.00 per metric ton.
At $636.00 per short ton, the 3-month price of the US HRC futures contract finished the week down 1.9 percent. The US HRC futures contract spot price rose 0.6 percent over the past week to $660.00 per short ton. At $396.00 per short ton, the price of US shredded scrap did not change since the previous week.
Korean steel prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat at KRW 280,000 ($269.54) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($595.63) per metric ton.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.