NEW YORK The Commerce Department and Russia said late
Friday that they have reached a tentative agreement concerning
an existing suspension agreement on hot-rolled steel.
The agreement allows Russia to ship steel to the United States
as long as its under a certain annual volume threshold
and above a certain quarterly pricing point. The U.S.
Department of Commerces International Trade
Administration (ITA) issued a preliminary ruling earlier this
year that the agreement no longer prevented the undercutting of
domestic prices (
amm.com, May 29).
Under the terms of the draft agreement announced Friday,
minimum prices for Russian steel sold into the United States
would be increased to bring them into alignment with
current U.S. prices.
Reference prices for the quarter ending Dec. 31, 2012, will
rise approximately 47 percent to $601.75 per tonne for
commercial and structural quality steel, $661.92 per tonne for
high-strength low-alloy steel and $770.24 per tonne for high
grade coils and sheets for pipes and casings.
Interested parties should submit comments by Nov. 23.