South Korea vowed to take action against US anti-dumping tariffs imposed on South Korean steel pipes and tubes for oil drilling, worrying about the impact on the country’s $818-million annual export of the products to the US.
The Commerce Department in July imposed tariffs of up to 16% on South Korean steel for allegedly dumping steel in the U.S. at unfair prices. The International Trade Commission, a US federal body that investigates unfair trade practices, confirmed the tariffs last week.
The latest U.S. ruling was widely seen as a victory for U.S. steelmakers, especially U.S. Steel Corp.
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 ($136.07) and a low price of CNY 830.00 ($134.45) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($547.51) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($225.16) per metric ton.
The steel billet cash price held steady on the LME at $420.00 per metric ton. The 3-month price of steel billet saw little movement on the LME at $425.00 per metric ton.
For the fifth day in a row, the US HRC futures contract 3-month price remained essentially flat at $645.00 per short ton. The spot price of the US HRC futures contract saw essentially no change for the fifth day in a row, remaining around $675.00 per short ton.