The Department of Commerce issued its anti-dumping determinations concerning imports of grain-oriented silicon steel (GOES) from Germany, Japan, and Poland on Friday. None of the foreign producers in the three countries participated in the Commerce Department’s proceedings, and as a result the Commerce Department relied on “total adverse facts available” in assigning preliminary dumping margins to producers in each of the countries.
Because there were no further proceedings in the investigations after the Commerce Department’s preliminary determinations on May 5, 2014, the final margins are identical to the preliminary margins: Germany: ThyssenKrupp –241.91 percent. All others: 133.7 percent. Japan: Nippon and JFE, 172.3 percent. All others: 93.36 percent. Poland: Stahlprodukt – 99.51 percent. All others: 78.10 percent.
The Commerce Department’s determinations follow the filing, on September 18, 2013, of antidumping and countervailing duty petitions by domestic GOES producers AK Steel Corporation and Allegheny Ludlum, LLC d/b/a ATI.
“This is a key step forward in this important case”, said David A. Hartquist of Kelley Drye & Warren LLP, counsel to petitioners. “These anti-dumping margins are locked in, and importers of GOES must continue paying the US government cash deposits equal to the anti-dumping margins on imports into the US. Final decisions by Commerce with respect to the remaining four countries, China, the Czech Republic, South Korea and Russia, are due in late September.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.38) and a low price of CNY 830.00 ($133.77) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($544.76) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($224.03) per metric ton.
Also on the LME, the cash price of steel billet remained essentially flat at $420.00 per metric ton. On the LME, the steel billet 3-month price held steady around $425.00 per metric ton.
The US HRC futures contract 3-month price saw little movement last Friday 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.