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Today we have nickel news from Russia, Nucor has cut its own forecast and Turkey has been found to be illegally dumping steel for oil line pipe in the US.
Norilsk May Buy Back Shares
Russia’s OAO Norilsk Nickel, the world’s second-largest nickel and largest palladium producer, is considering a buy back of its shares to support its stock, Interfax news agency quoted Vladimir Potanin, its chief executive, as saying on Thursday. No decision has been made yet, said Potanin, Norilsk’s co-owner and Russia’s richest man.
Nucor Cuts Forecast Due to Cheap Imports
Nucor Corp., the top US-based steelmaker, cut its profit forecast for the first quarter, saying higher imports were hurting steel prices. Nucor expects imports to slow down in the second quarter, but remain at “excessively high levels”, the company said on Thursday. The company’s shares fell as much as 6% in morning trading.
A stronger dollar has made imports cheaper and steel from China, the biggest producer of the metal, has been flooding the US market in the past few quarters, hurting prices.
Commerce Places Tariffs on Steel Pipe From Turkey
The Dept. of Commerce placed tariffs on imports of welded oil line pipe from Turkey this week. The countervailing duties investigations cover circular welded carbon and alloy steel line pipe not more than 24 inches in nominal outside diameter. Such welded line pipe is typically used in oil and gas pipelines. Commerce preliminarily determined that producers/exporters in Turkey are receiving subsidies ranging from 3.76% to 8.85%. Imports from South Korea were also investigated but found not to be subsidized and, therefore, not subject to countervailing duties.