U.S. sets steep preliminary duties on Chinese steel wire rod imports

08/09/2014 12:00 - 494 Views

(Reuters) - The U.S. Department of Commerce on Tuesday set preliminary duties of up to 110 percent on imports of carbon and alloy steel wire rod from China after ruling the products were being sold below cost in the U.S. market.

Some companies, including Rizhao Steel Wire Co, Hunan Valin Xiangtan Iron & Steel Co [HUNANA.UL] and Jiangsu Shagang International Trade Co, a subsidiary of Jiangsu Shagang Group 002075.SZ, face a slightly lower duty rate of 106.19 percent, but standard, China-wide duties were set at 110.25 percent.

Commerce has already set preliminary anti-subsidy duties of 81.36 percent for Hebei Iron & Steel [HEBEIH.UL] and 10.30 percent for Benxi Steel [LNGOVB.UL] and all other producers and exporters in China. These come in addition to Tuesday's anti-dumping duties.

The complaint about imports of hot-rolled carbon steel and alloy steel rod from China, which totaled $313 million in 2013, was made by ArcelorMittal USA [ARCMTR.UL], Charter Steel, Evraz Pueblo, Gerdau Ameristeel, Keystone Consolidated Industries and Nucor Corporation (NUE.N).

Commerce is due to make its final decision on the case by Nov. 12. The U.S. International Trade Commission is to make its final decision in December.

Source: Reuters