According to a July 8 statement by the US Commerce Department, China and Mexico have dumped fabricated steel exports into the United States.
The American Metal Market (AMM) reported, “The US Commerce Department has issued affirmative preliminary determinations in the countervailing duty investigations of fabricated structural steel imports from China and Mexico.”
Commerce stated that China and Mexico exporters received countervailable subsidies between 30.3 to 177.43%. Mexico’s structural steel exports in 2018 were valued at $622.4 million and China’s were valued at $897.5 million.
On February 4, 2019, the American Institute of Steel Construction initiated the case against Mexico and China. The US Commerce Department will make its final determination around November 19 of this year.
The case could benefit domestic fabricated steel production, in addition to supporting higher domestic steel prices.
HRC Prices Steady After 1st Mill Hike
And we are waiting to see if a 2nd mill hike will raise prices higher. Lead times are ranging between two to five weeks.
With longer lead times, higher scrap prices and lower import competition, the mills can hold their prices higher. The futures for Hot Rolled Coil seem to point upward.
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