Pakistan cuts scrap import tax for melters
The Pakistani government has issued a decree according to which the sales tax on certain import products, in particular on steel scrap, is reduced from 17 percent to 14 percent. It is noteworthy that the amendment relates only to steel melters importing scrap for further processing. Meanwhile, for traders dealing with scrap as a finished product the sales tax will remain at 17 percent... Read More
Short Range Outlook : September 2021
Supply and demand balancing out in global longs market, freight still incredibly high In the global long steel products market, there are signs that supply has caught up with demand and that the supply-demand balance is becoming more neutral. The market seems to be getting back to normal in terms of lead times, prices, etc. We are now in a period where things have to get back to... Read More
Short Range Outlook : July 2021
Global longs market still positive overall despite logistical costs and delays Overall, the global long steel products market still looks positive, supported by strong demand, even though business has become more difficult due to higher logistical costs and time delays in getting goods from one place to another. Exporters are all under pressure due to the increase in freight costs.... Read More
EU extends steel safeguard measures for another three years
The European Commission has announced the extension of the EU’s safeguard measures encompassing 26 steel product categories for another three years until June 30, 2024, preserving traditional trade flows on a per-product-category basis. The Commission has also increased the quota volumes by three percent, and a 25 percent tariff duty will be applied on the products if the tariff... Read More
Russia approves steel export taxes
The steel export tax initiative in Russia was approved by the Russian authorities late on June 25. The measure, suggested as a means to curb the rapid price increases for steel in the local market in Russia, will be imposed for the period from August 1 to December 31 this year. The base export rate is 15 percent and each product will be subject to a specific duty component in... Read More
Short Range Outlook : June 2021
Boom continues in the global longs market, how long will it last? There is still a shortage of steel everywhere in the global long steel products market. Demand remains high in the sheltered markets. On the other hand, there is pressure from the Chinese government to reduce steel prices. It is hard to imagine that this will lead to anything but more supply shortages. If we look... Read More
US updates antidumping duty rates on Turkish origin rebars
The US Department of Commerce (DOC) has announced the final result of its administrative review of the antidumping duty (AD) order on reinforcing bar from Turkey. During the review period from July 1, 2018, to June 30, 2019, producers from Turkey were found to have made sales of reinforcing bars at less than normal value. Accordingly, the DOC has determined the following weighted-average... Read More
Ukraine extends export duty on ferrous scrap for next five years
On May 14th, Ukrainian president Mr Zelensky signed the law extending the duty on the export of ferrous scrap for the next five years, effective from May 15, 2021, to September 15, 2026. “This document extends the period of validity of the export duty rate of €58/mt for waste and scrap of ferrous metals for five years – until September 15, 2026. Such conditions have... Read More
Canada issues final antidumping duty decisions for rebar imports from seven countries
The Canada Border Services Agency (CBSA) has announced that it has made a final determination regarding the antidumping duty (AD) investigation on certain rebar from Algeria, Egypt, Indonesia, Italy, Malaysia, Singapore and Vietnam. The investigation was initiated in September 2020, after a complaint filed by domestic steelmakers AltaSteel Inc., ArcelorMittal Long Products Canada... Read More
Short Range Outlook : May 2021
Global longs producers hold whip hand amid strong demand, short supply, rising prices Demand in the global long steel products market has continued to increase recently, and particularly demand in China and developed economies continues to push the market up. At the same time, international supply has tightened even further. Most mills are offering a few months ahead, thereby contributing... Read More