Market downplays China wire rod ruling

Jul 02, 2014 | 03:46 PM | Nat Rudarakanchana

Tags  wire rod, steel, China wire rod, trade cases, countervailing duties, anti-dumping duties, Commerce Department, ITA International Trade Administration

NEW YORK — The U.S. Commerce Department’s preliminary decision to levy countervailing duties on imports of Chinese wire rod could eventually stiffen competition between domestic and foreign mills but will have little short-term market impact, according to traders and market participants.

Commerce’s International Trade Administration (ITA) this week assessed preliminary subsidy margins ranging from 10.3 to 81.36 percent (, July 1).

There were few surprises in the ruling, market sources told AMM, and traders are unlikely to reverse course and buy Chinese wire rod in the near future pending a decision in the parallel anti-dumping case.

The risk presented by potential retroactive duties is too great, one trader said, especially for traders working on tight margins in the current market.....

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