[Australia Extends Anti-Dumping and Countervailing Duties on Precision Pipe and Tube Steel from China and South Korea]

[Sheets & Plates] HRC and other sheets & plates export prices rose $1-2/mt WoW today, with HRC transaction prices concentrated in the $491-496/mt range. Inquiries were moderate, but domestic prices remained high, and buyer acceptance was still limited.

According to China Trade Remedies Information, on September 3, Mexico's Ministry of Economy issued an announcement making a final affirmative anti-dumping determination on hot-rolled steel originating from China and Vietnam, formally imposing anti-dumping duties. Specifically, Shanghai Meishan Iron & Steel Co., Ltd. is subject to $0.3087/kg, Wuhan Iron & Steel Co., Ltd. to $0.3050/kg, cooperating producers/exporters not sampled to $0.3070/kg, and other Chinese producers/exporters to $0.3087/kg; Vietnamese producers/exporters are subject to $0.2719–0.2855/kg. The products involved are hot-rolled sheets and plates made of iron, carbon steel, or alloy steel, whether or not pickled, uncoated, with a thickness not exceeding 25.4 millimeters and of any width. The measures take effect on the day following the publication of the announcement.

[Indonesia] Billet prices rose again by 5 USD/metric ton, reaching 480 USD/metric ton FOB. This was due to an accident at a Vietnamese steel mill that will lead to a tightening of supply in the market, giving steel mills—including those in Indonesia—the leverage to raise prices. However, the market is currently in a bullish trend because buyers may not be able to keep up with the price hike, even though they understand the reasons behind it. If the situation remains as it is and the status of the Vietnamese steel mill remains unclear, Indonesian steel mills will have room to raise prices again; however, they must also consider the buyers’ perspective—whether they will still be willing to purchase if prices continue to rise. This will be a key factor to watch in the future.