Fifth Flat Day for Raw Steels, AK Steel, ATI ‘Encouraged’ by GOES Ruling

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Petitioners AK Steel and Allegheny Technologies, Inc., released a statement saying they were “encouraged” by the Commerce Department’s recent ruling that Grain-Oriented Electrical Steel imports from other countries should initially be assessed import duties due to foreign government’s subsidies, commonly known as “dumping.”

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“We are pleased that these cases have taken another major step forward.  GOES is essential to the integrity and efficiency of the U.S. electrical energy distribution grid,” said Richard J. Harshman, Chairman, President and Chief Executive Officer of ATI. “The findings by the Department of Commerce support our belief that the respondent foreign producers have been violating US trade laws and WTO rules with their commercial practices.”

Lames L. Wainscott, Chairman, President and CEO of AK Steel, echoed the statement, saying, “AK Steel applauds the Commerce Department’s preliminary ruling that imports of grain-oriented electrical steel are being dumped into the US. These determinations are an important step in ensuring that our foreign competitors play by the rules of fair trade.”

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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 ($134.94) and a low price of CNY 830.00 ($133.33) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,360 ($539.76) 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 ($223.29) per metric ton.

The steel billet cash price saw little movement on the LME at $390.00 per metric ton. The steel billet 3-month price held steady on the LME at $400.00 per metric ton.

The US HRC futures contract 3-month price held steady around $637.00 per short ton. The US HRC futures contract spot price showed little movement yesterday at $684.00 per short ton.

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