US Stainless steel producers have filed new anti-dumping actions against Chinese importers. The windfall that U.S. oil refiners have been enjoying from cheap oil prices may be over and surging copper imports in China are just a sign of restocking ahead of the week-long holiday there.
AK Steel Corporation, ATI Flat-Rolled Products, North American Stainless, and Outokumpu Stainless USA, LLC — the four principal U.S.producers of stainless steel sheet and strip — filed anti-dumping and countervailing duty petitions today charging that unfairly traded imports of stainless steel sheet and strip from the People’s Republic of China are causing material injury to the domestic industry.
The antidumping margins alleged by the domestic industry range from 53.69% to 83.24%
ad valorem. The domestic industry’s countervailing duty petition alleges that the Chinese
government has provided significant subsidies to Chinese producers. The petitions were filed
concurrently with the Department of Commerce and the U.S. International Trade Commission.
U.S. Refiners Cut Oil Output
U.S. refiners’ months-long windfall from cheap and plentiful crude showed further signs of running out of steam on Wednesday as a second refinery, Delta Airlines’ Monroe Energy, prepared to cut output and another dumped unwanted crude.
With companies taking frantic measures to combat declining profits as inventories rocket to fresh record highs and sluggish winter demand hurts profits, traders speculated that further cuts may be on their way.
Surging imports of copper into major consumer China should not be seen as a sign of stronger real demand, because higher shipments are pointing more to restocking of the metal before China’s week-long Lunar New Year holiday.
Imports of refined copper surged 34.4% in December from a year ago to a record 423,181 metric tons and expectations are that the January numbers will be high too.