MetalMiner’s monthly grain-oriented electrical steel (GOES) M3 grade price index – i.e. the GOES MMI® – shot up 7 percent, moving from a value of 211 in June to 226 in July.
For the past two and a half years, MetalMiner has reported an aggregated GOES index value. That value of the aggregated index rose from 209 in June to 224 in July (see below). Beginning in August, MetalMiner will only report an M3 GOES index value, and the exact coil price per metric ton for subscribers.
Wait, What Is The M3 GOES Index?
M3 serves as the industry-standard grade, though MetalMiner acknowledges that most GOES material moves via contract pricing as opposed to spot pricing. Nevertheless, the MetalMiner monthly M3 spot price includes slitting and delivery.
Because of the anti-dumping case, we have seen a rise in slit ex-mill prices.
All historical GOES price data remains available through a Full MetalMiner Membership.
The International Trade Commission (ITC) will hold a final phase hearing on July 24 and will likely receive testimony from suppliers and their representatives from Germany, Japan and Poland. The preliminary dumping margins imposed range broadly from as little as 5.34% for materials coming from Korea (e.g. Posco) to 241.9% for materials coming from ThyssenKrupp in Germany. The most significant impact falls on the Japanese-origin materials, slapped with a 172.3% dumping margin for Nippon Steel & Sumitomo Metal Corporation along with JFE.
Though anti-dumping duties appear much lower for Japanese-origin materials as compared to the German anti-dumping duty levels, Japanese volume as a share of total US imports equates to 52%+. Clearly the Japanese firms have the most to lose, should the final determination go in favor of the US mills. Meanwhile, the Korean firms, particularly POSCO, provided extensive data to the ITC and escaped with a (relatively) small anti-dumping duty. The final determination will tell us how the remaining producers fared.
Imports have softened
According to Zepol, GOES imports fell by 14 percent. Exports have also dropped by 13 percent from April to May.
What is the exact GOES coil price?
Last month, US grain-oriented electrical steel (GOES) coil rose 6.7 percent to $3,115 per metric ton.
The GOES MMI® collects and weights 1 global grain-oriented electrical steel price point to provide a unique view into price trends over a 30-day period. For more information on the GOES MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.