On Friday, the Department of Commerce announced its affirmative final determinations in the antidumping investigations of imports of “oil country tubular goods “(steel and iron tubes used in gas and oil wells) from India, South Korea, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, Ukraine, and Vietnam and CVD investigations of imports of OCTG from India and Turkey. The investigations cover OCTG, which are hollow steel products of circular cross-section, including well casing and tubing, of iron (other than cast iron) or steel (both carbon and alloy). The investigations also cover OCTG coupling stock and unfinished green tubes. OCTG are primarily used in oil and gas wells.
Dumping margins ranged from 2.9% to 118%. The International Trade Commission is scheduled to make its final injury determinations on August 25, 2014 for the investigations involving India, the Philippines, Saudi Arabia, Thailand, Turkey, Ukraine, and Vietnam and for the countervailing duty investigation involving India. Because the preliminary determinations were negative, the ITC has until on or about September 23, 2014 to makes its final injury determinations for the AD investigations involving Korea and Taiwan and for the CVD investigation involving Turkey.
On Friday, July 11, the day’s biggest mover was the price of Chinese HRC, which saw a 0.3 percent decline to CNY 3,380 ($544.93) per metric ton. This was the first move after three changeless days. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($224.10) per metric ton. The price of Chinese slab saw essentially no change for the fifth day in a row, remaining around CNY 3,480 ($561.06) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.43) and a low price of CNY 830.00 ($133.82) per dry metric ton.
The cash price of steel billet remained essentially flat at $395.00 per metric ton on the LME. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.
The US HRC futures contract 3-month price weakened by 0.2 percent, settling at $639.00 per short ton. The US HRC futures contract spot price held steady around $670.00 per short ton.