How Much Are Foreign Imports Undercutting the American Market?
Talks of the trade cases against foreign importers had been heating up for nearly a year before six U.S. steel makers filed against five nations.
In June, U.S. Steel, ArcelorMittal, AK Steel, Nucor, California Steel and Steel Dynamics – along with the U.S. Department of Commerce and the International Trade Commission – filed anti-dumping measures on corrosion resistant steel against China, India, South Korea, Italy and Taiwan.
Since then, prices have started to climb as domestic mills scramble to make up for diminished profits in the first two quarters. The latest one, issued on July 7, came from US Steel, announcing a $40 per net ton increase on all new flat-rolled product spot orders.
In the wake of the trade cases, imports have fallen drastically to a 14-month low, according to data from the U.S. Commerce Department. Down 18 percent from last June, imports came in at 2.68 million tons, with China leading the decline in volume.
After the trade cases were announced, we spoke with a Majestic Steel analyst to see what’s on the horizon, and what the industry can expect in the months to come.
Below, we take a look a look at the numbers to see just how much damage these international players have caused. Click the image to enlarge.