[SMM Stainless Steel Market Flash] MRAI Calls EU Scrap Export Policy “Resource Protectionism”

Mongolian Stock Exchange data show that Erdenet Mining Corporation auctioned 14 lots totaling 499.408 tonnes of molybdenum concentrate under a forward contract on September 24. The material contained at least 44% molybdenum. Three bidders lifted the price from $28,504.17 to $34,754.17 per product tonne, a 21.93% premium, taking the total contract value to $17.36 million. Based on the minimum 44% grade, SMM calculates an equivalent of about $35.83/lb Mo, although the actual figure depends on final assay and is not directly comparable with molybdenum oxide spot prices. The auction price was 2.9% above the September 10 result.

India’s CESTAT ruled in a case involving Chinese cold-rolled stainless steel imports that anti-dumping duty levied under the Customs Tariff Act forms part of the relevant customs duty framework and must be reflected in the calculation of IGST on imported goods. The tribunal upheld demands of about INR 2.10 million in anti-dumping duty and INR 377,228 in IGST, together with applicable interest.

India’s Customs, Excise and Service Tax Appellate Tribunal (CESTAT) upheld anti-dumping duty and related IGST demands on two consignments of cold-rolled stainless steel flat products imported from China in January and May 2019. Subsequent scrutiny found that the importer had not paid the then-applicable 57.39% anti-dumping duty at self-assessment. The tribunal also reduced the importer’s penalty from INR 400,000 to INR 100,000.