US producers of grain-oriented electrical steel (GOES) AK Steel and Allegheny Technologies, Inc. (ATI) today filed an appeal of the negative decision on “material injury” by the US International Trade Commission (ITC) on imports of GOES from Germany, Japan and Poland. AK Steel, ATI and the United Steelworkers of America (USW), which represents workers engaged in the production of GOES, appealed the decision to the Court of International Trade.
The decision by the ITC on August 27 was found in favor of Germany, Japan and Poland and absolved them of import duties. The ITC is scheduled to make final injury determinations on the remaining cases against the Czech Republic, China, Korea and Russia on October 23rd.
“We are very disappointed by the negative determination by the ITC,” said David A. Hartquist of Kelley Drye & Warren LLP, counsel to petitioners. “We believe the case warranted an affirmative determination and that the majority decision contains fundamental errors of fact and law. The Department of Commerce found antidumping margins of up to 241 percent which caused lost sales and significant financial injury to the U.S. producers, which in our judgment met the legal standard for an affirmative determination. Therefore, the petitioners have appealed the decision to the Court of International Trade.”
Strengthening prices ended a two-day flat streak as the US HRC futures contract 3-month price moved up by 0.3 percent on Tuesday, September 16 to $643.00 per short ton. The spot price of the US HRC futures contract moved on Tuesday. After a few changeless days, prices dropped 0.3 percent to $655.00 per short ton.
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 ($136.76) and a low price of CNY 830.00 ($135.13) per dry metric ton. The price of Chinese HRC held steady at CNY 2,990 ($486.81) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.31) per metric ton.
The steel billet cash price continues hovering around $450.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price saw little movement on the LME at $455.00 per metric ton.