This morning in metals news, the U.S. Department of Commerce issues a final affirmative determination in its anti-dumping and countervailing subsidy investigation of carbon and alloy steel wire rod from five countries, LME copper pushes away from a three-month low and the E.U. is hopeful it can win at least temporary exemptions from the U.S. steel and aluminum tariffs.
DOC Makes Final Determination on Wire Rod from Italy, Korea, Spain, Turkey and the U.K.
Earlier this week, the Department of Commerce announced it had made a final affirmative determination in its anti-dumping and countervailing duty case involving carbon and alloy steel wire rod from Italy, Korea, Spain, Turkey and the U.K.
According to the department’s announcement: “The Commerce Department determined that exporters from Italy, Korea, Spain, Turkey, and the United Kingdom are dumping carbon and alloy steel wire rod in the United States at 12.41– 18.89 percent, 41.10 percent, 11.08 – 32.64 percent, 4.74 – 7.94 percent, and 147.63 percent less than fair value, respectively. Commerce also determined that Italy and Turkey are providing countervailable subsidies to its producers of carbon and alloy steel wire rod at rates ranging from 4.16 – 44.18 percent and 3.81 – 3.86 percent, respectively.”
Copper Bounces Back Up
The price of copper picked up after hitting a three-month low on account of good news regarding expectations of slower rate rises by the Federal Reserve this year, Reuters reported.
LME copper was trading at $6,838 per ton as of 0230 GMT, according to the report.
E.U. Holding Out Hope for Tariffs Exemptions
The recently proclaimed U.S. tariffs on steel and aluminum tariffs are set to go into effect tomorrow, and the E.U. is still hoping to gain exemptions.
According to a Financial Times report, E.U. Trade Commissioner Cecilia Malmstrom said there were positive signs that the E.U. might in fact gain an at least temporary exemption from the tariffs.