In reaction to demand rises, gulf flat steel import prices in the United Arab Emirates and Saudi Arabia rose this week. Market players had returned from Eid Al-Adha festivities in the second half of the evaluation season, so demand was modest due to the holidays at the end of last week.
Last week offer rates for HRC from India were heard in the UAE at $490-500 per ton CFR, and buyers were bidding $470-480 per ton CFR. In the same time, Chinese offer rate was around $500-505 CFR. But in this first week of August, price keeps the momentum of increase due to situation that major Chinese increased offers by $10-15 per ton to $500-515 per ton FOB China for SS400 HRC. This will absolutely affect the price in many markets including gulf flat steel import prices by more $10-$15….
On May 23, 2016, the Malaysian Ministry of Industry and International Trade (MITI) issued the final decision on the anti-dumping investigation with Cold rolled steel originating or exported from Vietnam and China, and Korea. The requesting party was CSC Steel Sdn. Bhd – represents the domestic Cold rolled steel industry.
The products under investigation are Cold rolled alloy and non-alloy steel coils with a thickness of 0.2 mm – 2.6 mm and width of 700 mm – 1300 mm, under HS codes: 7209.15, 7209.16, 7209.17, 7209.18, 7209.18, and 7225.50.
Accordingly, the final tax rate is from 3.06% to 13.68%, of which POSCO Vietnam is subject to 3.06% and other exporters at 13.68%. An anti-dumping duty order will be in effect for 5 years from 24 May 2016 to 23 May 2021.