Retroactive EU HRC AD duties could start 8 Dec
Retroactive duties on hot-rolled coil (HRC) from Vietnam, Japan, India and Egypt could potentially be payable from 8 December in the EU.
Provisional duties are expected to be imposed by 8 March 2025, and retroactive taxes payable, should the European Commission choose to introduce them, 90 days prior.
This is likely to see most market participants clear all of their imports from these origins at the start of October, once the next quota period starts. The allocations from Vietnam and Japan are expected to exhaust imminently, with few returns by Italian importers, as this would be the last chance to import free of dumping duty risk. Some market participants said that duties on Vietnam could be double-digit, close to Chinese rates.
Imports from Egypt and India could trickle into the EU over October-November, depending on how much material is left at ports from the previous quarters. Duties on those two origins are expected closer to or higher than Turkish AD rates, while some market participants are sceptical if Japan will be found to have been dumping.
A pre-disclosure to the investigation is expected by 7 February 2025. A final disclosure is expected by 16 June 2025 and the deadline for the definitive decision duties is set for 6 September 2025. The commission will conduct verification visits between 23 October and 6 December 2024.
The investigation has already had an impact on trade flows into the EU, with buyers purchasing higher volumes from Turkey — the quota for July-September is due to exhaust over the coming weeks, with already more than 400,000t imported since 1 July. Less than 25pc of Turkey's April-June quota filled up, and less than 15pc in the previous quarter. There have been more offers and deals from Australia, Indonesia and Saudi Arabia too — both of the latter are exempt from safeguards.
Meanwhile, analytics platform Kpler data show that a cargo of just under 50,000t of Chinese coils is arriving in Spain on 5 September.
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Brazil HRC import prices rise on tariffs
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Sao Paulo, 30 August (Argus) — Brazil prices for imported hot rolled coil (HRC) increased this week as tariffs on imported products kicked off and signs out of China's steel sector were mixed. Import prices for Chinese origin HRC into Brazil were heard around $545/metric tonne (t) cfr, sources said, up from the $470-494/t cfr range heard in the previous week. This sharp uptick followed Brazil's decision to increase tariffs on imported products after domestic producers claimed that unfair competition — chiefly from the east Asian nation — was hampering their operations. The new tariffs took effect in June but only started to be felt by consumers in August, sources said. Another reason for the increase in Brazil cited by some sources was a possible price floor reached by Chinese mills in recent weeks. These producers have expressed concerns about their financial health amid a slow economic recovery that precipitated multi-year HRC price lows in China earlier this month. Argus assessed HRC fob Tianjin at $442/t on 19 August, the lowest level since July 2020, when most of the global economy was in the midst of pandemic lockdowns. In the latest assessment, the HRC price rose to $462/t, up by nearly 4.5pc in less than two weeks. China sought outlets for its steel outside of the country, lifting exports of the broad category of steel and iron products by 23pc to 55.2mn t year to date July 2024 from the same period in 2023, according to customs data. At this rate, China's yearly exports in 2024 will be the highest since 2016. Brazil, Chile and Peru have been among the countries widely increasing their imports. It is uncertain whether the price increase will begin to weigh on demand, sources said, as buyers balance greater availability of imported steel against claims that many prefer domestically-sourced HRC. By Carolina Pulice Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Order ending Canadian rail work stoppage appealed
Order ending Canadian rail work stoppage appealed
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Fortescue hold firms on 2024-25 iron ore target
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Beijing, 30 August (Argus) — Australian iron ore producer Fortescue has reiterated its iron ore shipment target for the 2024-25 fiscal year ending 30 June of 190mn-200mn t, including 5mn-9mn t from its Iron Bridge project on a 100pc basis. The Iron Bridge magnetite project in Western Australia shipped its first cargo in July last year, with Fortescue's iron ore shipments totalling 191.6mn t for the full year . It had targeted to ship 192mn-197mn t for 2023-24. The company achieved a hematite average revenue of $103/dry metric tonne (dmt), up by 9pc on a year earlier. Hematite C1 costs for 2023-24 rose by 4pc from the previous year to $18.24/wet metric tonne (wmt) because of higher labour rates and mine plan driven cost escalation, although Fortescue said its cost control measures offset the partial increase. It forecasts hematite C1 costs for 2024-25 to rise to $18.50-19.75/wmt. The Argus ICX seaborne iron ore fines assessment for 62pc Fe cfr Qingdao averaged $119.40/dmt for 2023-24. Fortescue is on track to achieve real zero, or no fossil fuels and no offsets, for its scope 1 and 2 terrestrial emissions across its Australian iron ore operations by 2030. It is aiming to achieve this with building a new solar farm, deployment of electric excavators and the use of battery electric and hydrogen fuel cell haul truck prototypes. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US OCTG, line pipe imports fall in July
US OCTG, line pipe imports fall in July
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