The US commerce Department decided to lift the antidumping duties available on certain carbon and alloy steel wire rod imports from Korea and the U.K. The Commerce released withdraw of antidumping duties on the recent Federal Register, applying retroactively to May 21, 2018.
US International Trade Commission made the final injury affirmative determinations that the subject steel imports from Italy, the U.K., Spain, and Turkey has caused material injury to the domestic steel industry in May last year, thereby the Commerce applied the antidumping and countervailing duties of 3.81~147.63 percent ad valorem to the subject steel products imported from five countries.
US Commerce’s withdrawal from the antidumping duties from Korea and the U.K however was in accordance with the request filed by six companies including Nucor Corp, Optimus Steel LLC (former Gerdau Ameristeel US Inc), Keystone Consolidated Industries Inc and Charter Steel that asked for the administration to lift antidumping duties on steel wire rod that is used for more than 1,078 class tire cord while the petitioners were not opposed to the cancellation of antidumping duties either, the Federal Register described.
In fact, the US. Steel companies involved in the tire cord production alleged that the antidumping duties on wire rod that is consumed for tire rod must be out of the petitions. As of May 23, last year when the antidumping petition was filed, the US low carbon steel wire rod prices for industrial use rocketed 37.6 percent from the end of 2017, recording a high in 6 years. The imported low carbon steel wire rod prices were also up as much as 31 percent around from $471.50 to $617.50 per ton, cfr Huston.
Source: Steel&Metal News |
