Final Thoughts
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Final Thoughts
Written by John Packard
August 3, 2016
The U.S. Department of Commerce will announce their final determination on the hot rolled antidumping (AD) and countervailing duty (CVD) trade suits against Brazil, Australia, Turkey, United Kingdom, Japan, South Korea and the Netherlands tomorrow (Friday) afternoon. We will publish an article on our website as soon as we get the results which normally come late in the afternoon. I have spoken to a couple of the traders involved in the suits and their expectation is for the preliminary determinations to remain in place. The question for the industry is, will South Korea and Australia be hit with higher margins than what they received in the preliminary phase?
I spoke with one company this afternoon who had just come out of an ITC hearing on HRC. The ITC has the final say and they are scheduled to present their final determination around the 17th of September (the ITC has been early on CORE and CR announcements). I was told that the ITC hearing “…was better than CR.”
That same person who attended the ITC hearing told us that 50 percent of the imported hot rolled is being imported by two domestic steel mills: USS/POSCO and Steelscape. Both mills are located on the West Coast where there isn’t any flat rolled steelmaking facilities. USS/POSCO is 50 percent owned by POSCO out of South Korea who has been the mill’s biggest supplier. Steelscape is owned by Bluescope out of Australia. Did you note my comment in my opening paragraph above? If South Korea and Australia are somehow hit hard enough to take them out of the U.S. market there will be some scrambling on the West Coast…
We have 24 days until the beginning of our Steel Summit Conference. If you have not yet registered you can do so on our website: www.SteelMarketUpdate.com in the Events section or you are welcome to contact our office at 800-432-3475 or request an invoice: info@SteelMarketUpdate.com.
You can also register for our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop online as well. The next workshop will be in Memphis, Tennessee and will include a tour of the Big River Steel mill. Details are on our website or you are welcome to contact me and I will answer any questions that you might have: John@SteelMarketUpdate.com.
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John Packard, Publisher
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John Packard
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I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.
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Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
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The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.