Novolipetsk Steel NLMK, China Metals and Mining

Excise duties don’t scare Russian metallurgical companies, or why protectionism can play into their hands

Severstal’s owner Alexei Mordashov predicted back in 2013 that without a balance of supply and demand, as well as without optimization of production capacities, the Russian steel industry wou

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Russia and China to fight together in WTO against American duties

Russia and China could eventually be the main victims of the trade war, which Donald Trump announced on March 1 to almost the entire world.

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USA introduces anti-dumping duties for cold-rolled products import of Severstal and NLMK

​The US Ministry of Trade has preliminarily decided that the duty up to 266% will be imposed on the import of cold-rolled steel from China, Russia, Brazil, India, South Korea, Japan and UK. A 71.35% duty is set for Japan.
The final duty rate is to be confirmed later in 2016, until that moment the duties collected from suppliers will be accumulated on a deposit account by the US Customs authorities.
The global steel market faces the excess production.
China is the 7th largest importer to the USA by the volumes of cold-rolled steel supply, but the largest duties are set in respect of it. For all other producers and exporters of cold-rolled steel from Russia the duty will be about 14.76%. In the USA the prices for hot-rolled steel fell by about a third in 2015 and that led to multi-billion losses of the leaders of the sector. The supplies of Severstal don’t exceed a few dozen thousand tons, the company said.

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The EC accuses Russian metallurgical companies of “non-cooperation”

The European Commission has adopted the mode of "non-cooperation" against Severstal and NLMK, the two main suppliers of cold-rolled steel in the EU, which allowed it to establish protective import duties at the level of 26%. The final amounts of the fees will be announced in August – if it is saved, the Russian steelmakers may lose about $300 million per year. At the same time, a new investigation in Brussels could threaten the companies - already on the hot-rolled metal.
Last Friday, the European Commission published the preliminary results of the anti-dumping investigation in respect of cold-rolled flat products from China and Russia and introduced temporary duties for Russian metallurgists. Every year, Russia exported to the EU up to 1 million tons of cold-rolled steel to the amount of about $300 million, the main suppliers are Severstal of Alexei Mordashov (250-300 thousand tons), NLMK of Vladimir Lisin (about 300 thousand tons) and MMK of Victor Rashnikov (150-200 thousand tons). During the first 11 months of 2015, the import of these products from Russia to the EU, according to the European steel lobby Eurofer, made up 850 thousand tons.

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Turkey limits import of hot-rolled metal from Russia, Slovakia, Japan and China

The Turkey's Ministry of Economy has published the final results of the anti-dumping investigation, concerning imports of hot-rolled steel from China, Russia, the Ukraine, Japan, France, Romania and Slovakia. On the basis of the report, in the next month the country will take a decision on the amount of duties, which tend to fully comply with the size of the calculated dumping margin. At the same time, the cheapest and the problematic Ukrainian import was excluded from the measure, the Kommersant reports.

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Russian steelmakers have increasing problems on foreign markets

Excess of cheap steel on the global market led to the fact that in recent years the number of anti-dumping investigations in this area increased dramatically. The industry believes that its main threat is a sharp increase in the production in China, but closing from cheap Chinese steel importing countries also block the supply of metal from other countries, including Russia. It becomes increasingly difficult for domestic steelmakers to fight a wave of isolationism on their traditional overseas markets, and they can redirect the export to other countries always.
Since 2010, Russian steelmakers exported about one-third of the produced steel - 25-27 million tons of rolled products per year. These volumes are less than the export sales of 2008-2009, which reached 30 million tons, and may even decline because of the surge in protectionist investigations worldwide. According to the Ministry of Economy, in 2014-2015, 18 new investigations and revisions of measures affecting exports of Russian steel industry were initiated abroad, and eight of them have ended not in favor of Russia.

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Russian metallurgical companies ousted from the USA

The USA has started the next anti-dumping investigation - this time on imports of cold-rolled metal. Local steelmakers accused producers from eight countries, including Russia, of dumping. But the Russian rolled metal takes less than 3% in the US imports - basic volumes fall on China, which causes the concern of competitors.
United States’ steelmakers filed a statement in the Department of Commerce and International Trade Commission on the need for anti-dumping and countervailing duties on cold-rolled steel from Russia, China, Brazil, India, Japan, South Korea, the Netherlands and Britain. The appeal was signed by AK Steel, ArcelorMittal USA, Nucor Corporation, Steel Dynamics and US Steel. The statement of AK Steel says on the influx of rolled metal import, subsidized by the other countries, which is sold at dumping prices. According to the company, the dumping margin of exporters from the Russian Federation may reach 69-320%, manufacturers of China - 266%. From 2012 to 2014, imports of cold-rolled steel in the United States from these eight countries grew 2.2 times to 1.75 million tons, and the increase of the supply continues – over the first five months of 2015, it grew by 44% to 790.4 thousand tons, AK Steel notes.

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MMK opens a representative office in China

OJSC “Magnitogorsk Iron-and-Steel works” (MMK) opened a representative office in Shanghai, is said in a statement of the company. The office in China is aimed to establish connections with partners, attract suppliers and monitor the Chinese market. S.Kolesnichenko, ex-chief financial officer of MMK Metalurji (Turkey), is the general representative of MMK in Shanghai. 

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