The European Commission has ordered that imports of a certain type of steel from China and Russia should be subject to registration, part of its ongoing investigation into dumping of product by the two countries.The Commission launched an antidumping investigation into imports from China and Russia in May following a complaint from European steel association Eurofer. Eurofer says the average dumping margin - the amount by which the normal market price exceeds the export price - is 28% for China and 15-20% for Russian producers. (Source – Press Reports)
US Congress has passed the much-awaited Customs Bill. The legislation provides the domestic industry with new tools to address the evasion of antidumping (AD) and countervailing duty (CVD) orders. The measure would ensure that Customs and Border Protection (CBP) officials investigate industry claims of AD/CVD evasion by set statutory deadlines. The share of dumped and subsidized steel imports have recently jumped to record levels which has hurt the domestic steel industry in the country. (Source – Steelonthenet)
Indian domestic prices of hot rolled coils dropped further this week as mills offered additional discounts. Platts assessed domestic HRC 3mm thick down by Rupees 1,000/T over the past week to Rupees 24,500-25,500/T ex-works Wednesday. Declining prices and ongoing talks to impose further import barriers have created uncertainty in the market. Offers for China-origin 3mm thick HRC were at Rs. 25,184/T this week.(nSource - SBB, London)
India’s Ministry of Steel has published draft order on its website prohibiting production, sales and trading without Bureau of Indian standards (BIS) approval. The order covers most carbon steel products and is likely to be more effective than earlier measures in containing imports for the next 6-9 months because most of the steel mills exporting to India don't have BIS approval. (Source - Press Reports)
The price of steel sheet continues to fall in Japan and has now sunk to the lowest level in 11 years due to a growing oversupply at home and a slowdown in exports caused by a deteriorating Asian market. The price of cold-rolled steel sheet is at US$ 554 – 570/T in Tokyo, 2.1% cheaper than in September. Prices of HRC and CRC have fallen by more than US$ 100/T since a recent peak last year and are at their lowest levels since 2004. (Source - Press Reports)
The strategic debt restructuring (SDR) plan for Visa Steel has run into trouble with one of the non-consortium lenders, Housing and Urban Development Corporation (Hudco), raising objections. Hudco fears a de-merger and subsequent sale would dilute its collateral. Of the Rs. 3,000 crore that Visa Steel owes lenders, Hudco’s exposure is close to Rs. 80 crore. (Source - Metal Junction)
US Congress has passed the much-awaited Customs Bill. The legislation provides the domestic industry with new tools to address the evasion of antidumping (AD) and countervailing duty (CVD) orders. The measure would ensure that Customs and Border Protection (CBP) officials investigate industry claims of AD/CVD evasion by set statutory deadlines. The share of dumped and subsidized steel imports have recently jumped to record levels which has hurt the domestic steel industry in the country. (Source – Steelonthenet)
Indian domestic prices of hot rolled coils dropped further this week as mills offered additional discounts. Platts assessed domestic HRC 3mm thick down by Rupees 1,000/T over the past week to Rupees 24,500-25,500/T ex-works Wednesday. Declining prices and ongoing talks to impose further import barriers have created uncertainty in the market. Offers for China-origin 3mm thick HRC were at Rs. 25,184/T this week.(nSource - SBB, London)
India’s Ministry of Steel has published draft order on its website prohibiting production, sales and trading without Bureau of Indian standards (BIS) approval. The order covers most carbon steel products and is likely to be more effective than earlier measures in containing imports for the next 6-9 months because most of the steel mills exporting to India don't have BIS approval. (Source - Press Reports)
The price of steel sheet continues to fall in Japan and has now sunk to the lowest level in 11 years due to a growing oversupply at home and a slowdown in exports caused by a deteriorating Asian market. The price of cold-rolled steel sheet is at US$ 554 – 570/T in Tokyo, 2.1% cheaper than in September. Prices of HRC and CRC have fallen by more than US$ 100/T since a recent peak last year and are at their lowest levels since 2004. (Source - Press Reports)
The strategic debt restructuring (SDR) plan for Visa Steel has run into trouble with one of the non-consortium lenders, Housing and Urban Development Corporation (Hudco), raising objections. Hudco fears a de-merger and subsequent sale would dilute its collateral. Of the Rs. 3,000 crore that Visa Steel owes lenders, Hudco’s exposure is close to Rs. 80 crore. (Source - Metal Junction)
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