Metals & Mining Theme, Ferrous

November 29, 2024

Australia to revise antidumping duties on steel sections from four countries

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HIGHLIGHTS

Duty on Japanese sections to rise to 15.8% from 12.2%

Duty on Hyundai Steel to rise to 7% from 5.2%

Duty on Dragon Steel lowered to 7% from 9%

Australia has proposed revising current antidumping duties on hot-rolled structural steel sections imported from Japan, South Korea, Taiwan and Thailand, the Anti-Dumping Commission said Nov. 29, based on preliminary findings following a sunset review.

For Japan, a revised duty of 15.8% was proposed, up from 12.2% currently.

For Hyundai Steel, a duty of 7% was proposed, up from a current 5.2%. For all other South Korean exporters, a duty of 12.5% was proposed, up from a current 7.9%.

For Dragon Steel, a duty of 7% was proposed, down from 9%, while all other Taiwan exporters will face a duty of 10.8%, down from 12.3%.

As for Thailand, the two separate duties of 7.8% and 7.7% imposed on Siam Yamato Steel Co. Ltd. and other Thai exporters, respectively, will be replaced with a lower duty of 5.7% for all of them.

With regard to the proposed revision, the commission "has preliminarily found that the variable factors relevant to the determination of dumping duty payable under the Customs Tariff (Anti-Dumping) Act 1975 (Dumping Duty Act) have changed in respect of the anti-dumping measures..."

In making its preliminary determination, the commission said it had received responses from affected steelmakers Hyundai Steel and Dragon Steel. Further information was obtained during a verification visit to Hyundai Steel.

The preliminary determination comes after the commission, in October, decided to continue the tariffs beyond Nov. 20, as they were due to expire after being in force for five years.

The commission said it will deliver a final report, including recommendations, to the Australian Minister for Industry and Science no later than Feb. 10, 2025. The proposed duties will take effect "from the date of publication of the final report," it said.

Platts, part of S&P Global Commodity Insights, assessed 5SP 130 mm billet down $4/mt on the day at $478/mt CFR Southeast Asia on Nov. 28 and Chinese import 3SP 150 mm spot billet flat day on day at $378/mt CFR China.

Editor:

Shashwat Pradhan