Articles in Category: Anti-Dumping

Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner.

This week, we touched on the USMCA (which turned 1 on Thursday), Stuart Burns covered the relationship between inventory levels and metals demand, and much more.

On the USMCA — which went into effect July 1, 2020, almost four years after NAFTA talks began — United States Trade Representative Katherine Tai offered some comments this week on the occasion.

“We should also celebrate the USMCA because of what it represents: a renewed commitment by our three countries to pursue negotiations that raise standards and create a race to the top,” she said.

Furthermore, USMCA trade ministers will meet in Mexico City on July 7 to commemorate the one-year anniversary of the trade agreement.

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Week of June 28-July 2 (USMCA, metal stock levels and more)

USMCA

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  • The global lead and zinc markets were in surplus through the first four months of 2021, the International Lead and Zinc Study Group said.
  • Meanwhile, GDP rose in all 50 states in the first quarter, the Bureau of Economic Analysis (BEA) reported.
  • In addition, Stuart Burns covered Russia’s plans to impose export taxes on key metals.
  • U.S. steel capacity utilization for the week ending June 26 reached 82.7%, the American Iron and Steel Institute reported.
  • The U.S. Court of International Trade made a ruling affirming duty levels set by the Department of Commerce with respect to heavy walled rectangular steel pipes and tubes from Korea.
  • Burns on the loss of support for the zinc price.
  • The E.U. voted to extend steel safeguards, originally imposed in 2018, for an additional three years.
  • The USMCA Labor Council convened for the first time, pursuant to the 1-year-old agreement’s chapter on labor.
  • Think stock levels are a reliable indicator of true metals demand? Think again.
  • Norsk Hydro has signed a letter of intent to build an aluminum recycling plant in Michigan.
  • Meanwhile, the United States-Mexico-Canada Agreement, or USMCA, hit the one-year mark this Thursday.
  • The U.S. goods and services deficit rose in May from the previous month.
  • Lastly, for subscribers, the MetalMiner Monthly Outlook for July is now available.

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This morning in metals news: the U.S. Court of International Trade voted to affirm the duty levels set by the Department of Commerce with respect to heavy walled rectangular steel pipes and tubes from Korea; meanwhile, U.S. distillate demand returned more quickly than gasoline and jet fuel demand; and, lastly, the copper price has bounced back this past week.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

USCIT affirms duties on Korean pipe, tube

judge's gavel

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The U.S. Court of International Trade recently ruled to maintain a Department of Commerce determination on anti-dumping duty levels on heavy walled rectangular steel and pipe from Korea.

Korean firms Dong-A Steel Company and Kukje Steel Co., Ltd. were the plaintiffs in the case.

The Department of Commerce had previously determined a weighted-average dumping margin for DOSCO of 11.00% and 7.89% for Kukje.

Distillate demand speeds ahead

U.S. distillate demand has recovered to 2019 levels faster than gasoline and jet fuel demand, the Energy Information Administration reported.

“The combination of increases in both travel and economic activity in the United States has contributed to more demand for gasoline, distillate, and jet fuel, as reflected in the product supplied data of our Weekly Petroleum Status Report (WPSR),” the EIA reported. “Although demand has increased for all three of these products from their 2020 lows, the extent of the demand growth has differed by product.”

For the week ending June 18, the four-week average demand for gasoline reached 94% of the four-week average for the same week in 2019, the EIA reported. Meanwhile, distillate reached 98%, with jet fuel at 74%.

Copper price makes gains

Meanwhile, after an approximately six-week decline after hitting an all-time high, the copper price has made some gains over the last week.

The LME three-month copper price closed Monday at $9,460 per metric ton. The price had fallen to $9,070 per metric ton the previous Monday, June 21.

However, the price remains down 6.99% month over month.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including steel sector news, the Biden administration’s release of a 250-page supply chain report and much more:

steelmaking in an EAF

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The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Week of June 7-11 (steel sector news, Biden administration’s supply chain review and more)

Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and sign up for each on the MetalMiner Events page.

It is no secret that, on the whole, Europe was backing a Joe Biden win in the 2020 US presidential election.

A few eastern European countries, like Hungary and Poland, rather warmed to former President Donald Trump’s narratives. However, on the whole, socialist Europe saw more of a kindred spirit in Biden. In that vein, it expected his election would see a thawing of US-EU trade relations.

With volatile steel markets, knowing which strategy to execute and when can make all the difference. See how MetalMiner looks at different market scenarios.

US-EU relationship under Biden

US and EU flags

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To some extent, Biden has not disappointed.

A rapid return to the 2016 Paris climate change agreement and last week’s removal of sanctions on the company behind the all-but-completed NordStream 2 gas pipeline from Russia were expected and welcomed.

But two linked and particularly thorny issues remain.

The first is as much commercial as political. We’ve covered it before: the decades-long dispute between Boeing and Airbus over claims and counter-claims of unfair state support and subsidy rumbles on.

In March, the EU and US agreed to suspend all retaliatory tariffs on EU and US exports imposed in the Airbus and Boeing disputes for a four-month period. The pause allows both sides to focus on resolving the dispute.

Arguably, Trump’s hard-nosed approach is what ultimately brought both sides to the table. Biden’s approach may find a solution. Neither side has gained from the sanctions since 2018.

As such, a solution is to everyone’s benefit.

Read more

Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including copper price developments, an upcoming MetalMiner webinar and more:

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

copper mine

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Week of May 17-21 (copper prices, MetalMiner webinar and more)

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For those in the market for steel nails — particularly those in the construction sector, who are already facing skyrocketing lumber costs — an announcement this week offers no pricing relief.

With volatile steel markets, knowing which strategy to execute and when can make all the difference between saving and losing money. See how MetalMiner looks at different market scenarios. 

Existing duties on steel nails to remain

imports

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This week, the United States International Trade Commission (USITC) voted to maintain existing countervailing duty and antidumping orders on imports of steel nails from a number of countries. The decision came as part of a five-year sunset review.

Revoking the existing antidumping and countervailing duty orders on imports of steel nails “would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time,” the USITC argued.

The ruling covered imports from Korea, Malaysia, Oman, Taiwan and Vietnam.

Meanwhile, in April, the US Court of International Trade upheld antidumping duties on certain steel nails from China.

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This morning in metals news: aluminum roller and recycler Novelis announced its quarterly financial results; meanwhile, the United States International Trade Commission voted Tuesday on anti-dumping duties for prestressed concrete steel wire strand; and, lastly, the Consumer Price Index rose by 0.8% in April.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Novelis reports ‘outstanding’ quarter

earnings sign

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Aluminum roller and recycler Novelis reported net income of $180 million during the quarter ending March 31, 2020 (Q4 of fiscal year 2021).

The performance marked a jump from $63 million in Q4 of fiscal year 2020.

“Guided by our purpose and driven by the resilience of our people and the strength of our partnerships, we safely navigated this extraordinary year to achieve outstanding results,” President and CEO Steve Fisher said. “With the ongoing successful integration of Aleris, a diverse and innovative product portfolio, and unmatched geographic footprint, we have proven our ability to deliver sustainable aluminum solutions to customers in a way that resulted in record financial performance.”

Furthermore, among other factors, higher average aluminum prices helped drive a 33% year-over-year rise in sales to $3.6 billion.

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This morning in metals news: the US steel capacity utilization rate ticked up to 77.9% last week; Novelis announced new sustainability targets; and the United States International Trade Commission (USITC) issued a ruling on seamless carbon and alloy steel standard, line and pressure pipe.

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US steel capacity utilization hits 77.9%

US steel capacity utilization rose to 77.9% for the week ending April 3, the American Iron and Steel Institute (AISI) reported. Steel capacity utilization for the previous week reached 77.6%.

steel arrow up

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Production during the week totaled 1.77 million net tons. The output marked an increase of 15.7% year over year. Furthermore, production increased by 0.3% from the previous week.

Novelis announces new sustainability targets

Aluminum sheet manufacturer Novelis announced new sustainability targets and a pledge to reach net-zero carbon emissions by 2050.

Furthermore, Novelis said it aims to reduce its carbon emissions by 30% by 2026.

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nickel price

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines of the week here on MetalMiner, including coverage of the nickel price, oil prices, housing starts and more.

Overall, steel prices continue to rise. Meanwhile, after experiencing significant price declines, lead and nickel have steadied of late. Aluminum continues to be on an upward trajectory, while copper has steadied after dropping from a Feb. 25 peak.

The MetalMiner team will be presenting a commodity forecast for copper, aluminum, stainless and carbon steel on Wednesday, March 24, at 10 a.m. CDT: https://zoom.us/webinar/register/WN_6J8wAyYySfihVk3ZUH9yMA

Week of March 15-19 (nickel price steadies, Honda announces temporary production suspension and more)

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tariffs headline over $100 bills

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Despite howls of protest from consumers, the Biden administration has doubled down on the Trump administration’s trade barriers with its latest move on aluminum tariffs.

The administration recently slapped semi-finished flat rolled aluminium anti-dumping duties on 18 countries supplying the US market.

Don’t miss the MetalMiner analyst team on March 24 at 10 a.m. CDT for a 30-minute metals market forecast and strategies to deploy in falling markets: https://zoom.us/webinar/register/WN_6J8wAyYySfihVk3ZUH9yMA.

Aluminum tariffs

Previous administrations’ focus on China — first on extrusions in 2011 and then foil and sheet in 2018 — succeeded in bringing down imports from 620,000 metric tons in 2017 to 170,000 tons last year, Reuters reported.

However, the wider Section 232 10% tariff is so riddled with exclusions and special exemptions that imports from the rest of the world have continued to make up a significant proportion of the market supply landscape.

Imports of sheet, plate and strip totaled 1.3 million metric tons in 2019. That represented about 62% of total aluminum product imports that year, according to Reuters. Although volumes shrunk sharply to 836,000 tons last year, this was due to the broader COVID-19 disruption to the U.S. manufacturing sector.

Total semis imports last year fell by 20%. Domestic shipments dropped by only 13% through November, suggesting the imposition of preliminary duties in October was already impacting buyers’ decisions.

According to Reuters, the new duties hit seven of last year’s top 10 product suppliers to the U.S. market, including South Korea, Germany and Turkey.

Canada, Saudi Arabia avoid aluminum tariff

The duties spared Canada, however, from which imports increased by 17%. They also spared Saudi Arabia, where Alcoa retains a close relationship with the Ma’aden smelter and rolling mill, despite having divested its 25.1% shareholding in 2019.

That Alcoa and its Saudi partner should essentially get an exemption comes as no surprise.

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