The Dept. of Commerce has announced preliminary determinations that imports of non-oriented electrical steel (NOES) from China, Germany, Japan, South Korea, Sweden and Taiwan are being sold at less than fair value in the US, commonly known as “dumping.” NOES is typically used in the production of large and small motors, generators, lighting ballasts, and ignition coils.
As a result, Commerce will instruct US Customs and Border Protection to begin requiring U.S. importers of NOES from these six countries to deposit estimated antidumping duties at the time of importation. The highest “dumping margin” was assigned to China, which was found to be subsidizing steel by 407.52 percent. The others were much lower. CD Walzholz and Thyssenkrupp Electrical Steel EBG GMBH, of Germany, failed to answer Commerce’s questionnaire. As a result, they were assigned a dumping margin of 98.84 percent based on adverse facts available.
Petitioner AK Steel applauded the initial determinations. Commerce is scheduled to announce its final determinations concerning China, Germany, Japan, and Sweden on or about July 29, 2014, unless the statutory deadline is extended. Commerce is scheduled to announce its final determinations concerning Korea and Taiwan on or about October 3, 2014, as the deadline for these determinations has been fully extended.
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 ($134.84) and a low price of CNY 830.00 ($133.24) per dry metric ton. The price of Chinese HRC continues hovering around CNY 3,360 ($539.38) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($223.13) per metric ton.
The steel billet cash price saw little movement on the LME at $390.00 per metric ton. The 3-month price of steel billet was unchanged on the LME at $400.00 per metric ton.
The US HRC futures contract 3-month price held steady around $638.00 per short ton. The spot price of the US HRC futures contract saw little change in its price yesterday at $681.00 per short ton.