This morning in metals, a big trade finding from last Friday is making the news.
The U.S International Trade Commission (ITC) found that imports of carbon and alloy cut-to-length steel plate from steelmakers in 8 different countries officially harms U.S. manufacturers, thereby “locking in” duties imposed by U.S. Commerce in March for five years, according to Reuters.
According to the ITC’s site and the Reuters report following shortly after the release, the finding applies to cut-to-length plate from Austria, Belgium, France, Germany, Italy, Japan, South Korea and Taiwan.
The exact anti-dumping duties Commerce imposed on eight producers’ products in March range “from 3.62 percent to 148 percent…while imports from South Korea would also face a countervailing duty of 4.31 percent,” according to Reuters. Much more detail on those duties in this MetalMiner report.
What Does It Mean for Steel Plate Prices and Buyers?
“We anticipate the dumping order will help provide support to U.S. domestic prices, at least in the short term,” said Lisa Reisman, executive editor of MetalMiner, “as the case included a fairly broad number of both European and Asian suppliers.”
In many cases, Reisman mentioned, the duty rate appears significant, which will curtail imports from both specific countries and specific producers.
From a short-term pricing perspective, according to Reisman, steel prices have slid across the board this past week, but “certainly this trade case will help support plate prices,” she said.
“Interestingly enough,” she concluded, “according to analysis conducted by Steel Market Update, domestic cut to length plate exports are at their highest level since May 2015.”