Data: SHFE, DCE market movement (May 15)

【SMM Steel】The US Department of Commerce issued a final determination in its countervailing duty administrative review, finding that POSCO Co., Ltd. received countervailable subsidies on carbon and alloy steel cut-to-length plate exports to the US during the January 1, 2023 to December 31, 2023 review period, with a final subsidy rate of 3.70%. The rate applies to POSCO's cross-owned entities and its affiliated trading company POSCO International. The determination comes as the US Court of International Trade has remanded certain key issues, requiring Commerce to provide better substantiation on electricity pricing benchmarks and whether carbon allowances constitute "financial contributions". US steelmaker Nucor has appealed the trade court's ruling.

【SMM Steel】The Australian Steel Institute has petitioned the Productivity Commission to implement emergency trade protections for the domestic fabricated structural steel sector. During a May 13 hearing, the ASI requested a 50% tariff rate quota to counter a surge in low-cost imports recorded between 2022 and 2024. ASI chief executive Mark Cain said these imports cause serious injury to local businesses through price undercutting. The industry employs over 20,000 people and would be difficult to rebuild if lost, the ASI argued, insisting that immediate provisional tariff and quota measures are necessary to prevent irreparable harm before the PC's final ruling later this year. The US, EU, and Canada have already implemented similar trade protections.

【SMM Steel】India's Commerce and Industry Minister Piyush Goyal announced that the India-Oman Comprehensive Economic Partnership Agreement will officially take effect on June 1, 2026. Under the agreement, Oman will grant duty-free access to nearly 98% of Indian exports, covering 99.38% of India's export value to Oman. Goyal also stated that India and Chile are in talks to upgrade their existing trade pact to a Comprehensive Economic Partnership Agreement to further strengthen bilateral economic cooperation and trade ties.