This Morning in Metals: Department of Commerce Announces Circumvention Rulings on Vietnamese Steel
This morning in metals news, the Department of Commerce made preliminary affirmative determinations with respect to imports of steel from Vietnam, iron ore is powering Australia’s trade surplus and copper slipped for the second straight session.
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DOC Issues Circumvention Rulings
The Department of Commerce announced Wednesday it had made affirmative preliminary determinations vis-a-vis circumvention related to imports of steel from Vietnam.
According to the DOC, the products covered include steel originally produced in South Korea and Taiwan and sent to Vietnam for “minor processing.”
“These duties will be imposed on future imports, and also on any unliquidated entries since August 2, 2018 (the date on which Commerce initiated these circumvention inquiries),” a DOC release stated. “The applicable cash deposit rates will be as high as 456.23 percent, depending on the origin of the substrate and the type of steel product exported to the United States.”
Iron Ore Powers Australia Surplus
Iron ore prices, which have surged to a five-year high, have lifted Australia to a trade surplus in May.
According to the Australian Broadcasting Corporation, Australia tallied a record $5.7 billion trade surplus in May, with the value of its iron ore shipments jumping 13%.
Copper Price Drops
After Monday’s post-G20 optimism provided a shot of optimism to copper prices, the metal has slipped for two straight days.
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According to Reuters, LME copper fell 0.1% on Wednesday, down to $5,883 per ton.
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