There is growing speculation that a hot-rolled trade case will be filed by US producers next week. US oil refiners, however, has found a sweet spot.
Hot-Rolled Dumping Case Next Week?
The anticipated filing next week of a hot-rolled trade case may yet perk up US flat-rolled pricing, Platts reported, though conditions are steadily deteriorating, market sources said Thursday.
One buyer told Platts “All this stuff is adding up, but the buyer is yawning because it’s not affecting the market,” he said. “But it will, and they’re going to get caught. It’s almost like the fuse has been lit, but it’s a long fuse.”
Perfect Conditions for US Oil Refiners
Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximizing gasoline production.Valero, the country’s largest independent refiner, made a gross margin of more than $13 on every barrel of oil processed in the second quarter, and a net margin of almost $8.50, both the highest since 2007.