Vanadium from Korea was hit with anti-dumping tariffs and finished steel imports were down in September.
Vanadium Anti-Dumping Tariffs
The Department of Commerce initially placed anti-dumping duties on imports of ferrovanadium from the Republic of Korea ( South Korea) yesterday.
Commerce preliminarily found dumping by mandatory respondent, Korvan Ind. Co., Ltd., at a preliminary margin of 4.48%. Additionally, based on the application of adverse facts available, Commerce preliminarily found that dumping has occurred by mandatory respondents, Fortune Metallurgical Group Co., Ltd. and Woojin Ind. Co., Ltd., at 54.69%. Commerce assigned a preliminary dumping margin of 4.48% to all other producers/exporters in Korea.
As a result of the preliminary affirmative determination, Commerce will instruct U.S. Customs and Border Protection (CBP) to collect cash deposits based on these preliminary rates.
The petitioners for this investigation are the industry group Vanadium Producers and Reclaimers Association and its members: AMG Vanadium LLC; Bear Metallurgical Company; Gulf Chemical & Metallurgical Corporation; and Evraz Stratcor, Inc.
The product covered by this investigation is all ferrovanadium regardless of grade (i.e., percentage of contained vanadium), chemistry, form, shape, or size. Ferrovanadium is an alloy of iron and vanadium. Ferrovanadium is classified under HTSUS item number 7202.92.0000. Although this HTSUS item number is provided for convenience and Customs purposes, the written description of the scope of the investigation is dispositive, which means the regulation instructs Commerce to issue a final scope determination based upon the descriptions of the products alone.
AISI: Steel Imports Down in September
Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 2,745,000 net tons of steel in September 2016, including 2,108,000 nt of finished steel (down 10.2% and 11.2%, respectively, vs. August final data).
Year-to-date through nine months of 2016 total and finished steel imports are 24,773,000 and 19,776,000 nt, down 19.8% and 21.5%, respectively, vs. the same period in 2015. Annualized total and finished steel imports in 2016 would be 33.0 and 26.4 million nt, down 14.8% and 16.3%, respectively, vs. 2015. Finished steel import market share was an estimated 26% in September and is estimated at 25% YTD.
A key finished steel product with a significant import increase in September compared to August was sheets and strip all other metallic coatings (up 13%). Reinforcing bars (rebar) were up 12% and had a significant YTD increase vs. the same period in 2015.