Rick Blume, Nucor General Manager, Commercial Steelmaking Group, testified on Wednesday before the US Senate Committee on Appropriations on Homeland Security regarding trade remedy laws. Blume did, however, oppose a prospective system that would change the way the Commerce Department figures out how to determine anti-dumping duties.
“Nucor relies on trade remedy laws to combat the unfair trade practices of our foreign competitors, but we face many challenges in using these laws,” Blume said. “First, we have to file and win a trade case. This is no easy task as cases are complex, burdensome, and notoriously slow. By the time a final determination is reached, the damage to a U.S. industry and its workers can be irreversible.”
Blume said the current case against steel rebar from Turkey and Mexico, in which the Commerce Department found that the Turkish government was giving its producers energy subsidies, but then concluded that these subsidies had no value, “makes no sense, given the energy-intensive nature of steelmaking.”
“We disagree with this finding and several of Commerce’s other preliminary decisions, and we are urging the agency to correct them in the final determination,” Blume said.
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 ($135.41) and a low price of CNY 830.00 ($133.79) per dry metric ton. Chinese HRC stayed flat at around CNY 3,380 ($544.85) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,390 ($224.06) per metric ton.
Also on the LME, the steel billet cash price remained essentially flat at $420.00 per metric ton. On the LME, the 3-month price of steel billet showed little movement yesterday, hovering around $425.00 per metric ton.
The 3-month price of the US HRC futures contract remained essentially flat at $642.00 per short ton. For the fifth day in a row, the US HRC futures contract spot price remained essentially flat at $670.00 per short ton.