NEW YORK The U.S. International Trade Commission ruled in a unanimous decision Wednesday to revoke anti-dumping duties on imports of ferrovanadium and nitrided vanadium from Russia.
"The (ITC) today determined that revoking the existing anti-dumping order on ferrovanadium and nitrided vanadium from Russia would not be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time," the agency said in a statement.
Steelmaker Evraz Group SA, the main participant in the trade case on the Russian supplier side, applauded the ruling.
"Evraz agrees with the decision by the (ITC) to revoke the Russian ferrovanadium anti-dumping duty order, which is not needed in todays global ferrovanadium market," Evraz told AMM in an e-mailed statement.
Ferrovanadium produced at Evrazs Vanady-Tula facility in Russia was previously subject to a 108-percent import duty, leading the company to convert vanadium pentoxide in Canada, the Czech Republic and Korea to supply its contract customers in the United States, according to sources.
Tula has the ability to produce 12,500 tonnes of vanadium pentoxide and up to 7,100 tonnes of ferrovanadium annually.
Cambridge, Ohio-based AMG Vanadium Inc., the main respondent on the domestic producer side, declined to comment.
Market participants didnt expect an immediate impact from the ruling.
"It increases the flexibility they (Evraz) have, but I dont think it necessarily means that theyre going to be in a position to send more material," one market source said, but added that it could lead to a better supplied U.S. market down the line. "It may have an impact on the price premium."
AMMs domestic ferrovanadium prices are between $13.50 and $14 per pound, while in Europe the material is trading between $10.52 and $10.93 per pound, according to AMM sister publication Metal Bulletin. Material is more expensive in the United States partly because few significant international producers (like South Africa and China) are able to bring material to the United States without facing anti-dumping duties.
AMG Vanadium told the ITC before the decision that the domestic market was a lucrative one for Evraz due to the price premiums and high usage of vanadium in steel. Evraz countered that dumping material in the country would be against its interest, as it has long-term formulas in the domestic market based on published spot prices (amm.com, July 6).