South Korea took the first step in a World Trade Organization dispute against the US’ anti-dumping duties on its exports of specialty steel yesterday.
It has requested consultations in Geneva over US duties on oil country tubular goods, charging that the Commerce Department‘s methodology in the investigation violated multiple provisions of the WTO’s Antidumping Agreement and the General Agreement on Tariffs and Trade, according to diplomatic sources in Geneva.
Generally, dumping is found by comparing the price sold by the foreign company in the US market to the price of the same good in the country’s own market. But South Korea only produces oil country tubular goods for export, so the Commerce Department had to rely on other data to calculate the fair price. The duties were officially put in place in September, ranging from 9.89% to 15.75%.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.99) and a low price of CNY 840.00 ($134.99) per dry metric ton. Chinese slab prices rose 0.3% to CNY 3,000 ($482.09) per metric ton. The price of Chinese HRC flattened at CNY 2,910 ($467.63) per metric ton after two days of downward movement.
The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $500.00 per metric ton. The steel billet 3-month price remained essentially flat at $480.00 per metric ton on the LME.
The US HRC futures contract spot price rose 1.5% to $605.00 per short ton. The US HRC futures contract 3-month price saw little change in its price on Tuesday at $606.00 per short ton.