SBB STEEL MARKETS DAILY · 2018. 12. 2. · Steel margins were expected to have a greater impact on procurement preferences than technical needs. "Large-scale purchases of Pilbara

Volume 12 / Issue 237 / November 30, 2018

SBB STEEL MARKETS DAILY

www.platts.com www.twitter.com/PlattsSteel

(continued on page 2) (continued on page 3)

Platts tsI raw materIal assessments, november 30 2018 Symbol Close Change % Chg

IODEX Iron ore fines 62% Fe ($/dmt)

CFR North China IODBZ00 65.45 -0.20 -0.30Please see Platts complete iron price/netbacks table, p.2-3

Coking coal, premium low vol ($/mt)

FOB Australia PLVHA00 224.50 0.50 0.22CFR China PLVHC00 215.00 0.00 0.00TSI Premium hard, Australian exports (FOB port) TS01034 227.00 1.50 0.67Please see full metallurgical coal price/freight table, p.4

Ferrous scrap ($/mt)

HMS 1/2 80:20 CFR Turkey TS01011 315.50 0.00 0.00Please see full ferrous scrap price table, p.6

Singapore—Seaborne iron ore prices inched lower on lukewarm demand in the spot market.

S&P Global Platts assessed the 62% Fe Iron Ore Index at $65.45/dry mt CFR North China on Friday, down 20 cents/dmt from Thursday. The front-month December TSI swap was up 15 cents/dmt from Thursday at $64.05/dmt.

Market confidence in seaborne prices had improved after the sharp dip earlier in the week, but buying interest from end-users was still limited to an as-needed basis.

"There are end-users who still have demand for iron ore in the winter season, but they are unlikely to commit to a Capesize cargo given the recent price volatility," a Chinese trader said.

"Buying interest for seaborne cargoes is likely to remain limited to traders as mills still prefer port stock purchases," a Chinese mill source said.

"We have scheduled maintenance for our blast furnaces currently, so there is no need for us to restock," a Tangshan-based procurement source said.

Platts 62% Fe iron ore port stock index, or IOPEX North China, was assessed at Yuan 531/wmt FOT Friday, up Yuan 8/wmt from Thursday, or at $68.07/dmt on an import parity basis.

IOPEX East China was assessed at Yuan 531/wmt FOT Friday, up Yuan 8/wmt

Tepid demand weighs down seaborne iron orefrom Thursday, or at $68.07/dmt on import parity basis.

Steel margins were expected to have a greater impact on procurement preferences than technical needs.

"Large-scale purchases of Pilbara Blend fines at current margins are just not feasible. Demand for discounted medium grade fines will be strong as long as steel margins remain weak," a Chinese trader said.

A tender was heard concluded for a 178,500 mt cargo of Sinter Feed Low Alumina fines at a premium of $9.60/dmt over the January average of MB 62 index with Fe adjustment, loaded on November 16.

The last SFLA tender was concluded on November 20 at a premium of $11.11/dmt over the December average of MB 62 index with Fe adjustment, indicating lower demand for high-grade cargoes with low alumina content.

"From a technical point, it is ideal to use low alumina fines with high Fe content, but paying such premiums at current steel margins is not feasible," an eastern Chinese mill source said.

Rail operations to Saldanha Bay were heard impacted after a road truck collided with a railway bridge. Market sources were unclear about the exact time needed for repairs, but initial estimates were about a week.

"Port supply should be more than

COkIng COal markET

met coal FOB australia price inches higher; others rangebound

Singapore—Seaborne metallurgical coal prices were mostly steady as the market cooled off Friday.

S&P Global Platts assessed Premium Low Vol coal higher by 50 cents/mt at $224.50/mt FOB Australia, while the CFR China price was steady at $215/mt Friday.

In the FOB market, bids for the likes of Premium Mid Vol coal continued to edge higher Friday. "Some customers are focused on a particular grade of brand," a trader said as demand for PMV coal remained firm. "There's definitely demand," an international trader said.

"We thought there will be a spillover of weakness from the Chinese [market] to the international market," a Japanese trader said, adding that current PLV FOB and CFR China created a distortion.

The gap between international and China's PLV prices widened to $9.50/mt Friday on the back of the decline in CFR China prices.

The fall in CFR China prices was a combination of several factors, namely weak Chinese steel market, narrowing steel profit margins, on top of the coal import halt which led to reduced demand for seaborne coking coal. China's import prices Friday equated to $203.20/mt FOB Australia calculated using

TODay In raw maTErIalSIron ore 2

Coking coal market 3

Coking coal 4

Ferrous scrap 6

Scrap market 6

Ferroalloys market 8

Freight 10

Americas 10

Asia 13

Insight 13

Subscriber Notes 15

November 30, 2018Sbb Steel marketS Daily

2© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

IrOn OrE

tsI daIly Iron ore IndIces, november 30, 2018 Symbol $/dmt Change % ChgTSI Iron Ore Fines 62% Fe CFR China TS01021 65.45 -0.20 -0.3058% Fe Fines, 1.5% Al, CFR Qingdao port TS01047 57.15 -0.20 -0.35

Platts daIly Iron ore assessments, november 30 2018 Symbol $/dmt Change % Chg Diff. to IODEXIODEX 62% Fe CFR North China IODBZ00 65.45 -0.20 -0.3065% Fe CFR North China IOPRM00 82.25 -0.40 -0.48 16.8058% Fe Low Alumina CFR North China IONC580 57.15 -0.20 -0.35 -8.3058% Fe CFR North China IODFE00 40.35 -0.10 -0.25 -25.10

Per 1% dIfferentIals (range 60-63.5% fe, $/dmt) Symbol within min-max $/dmt ChangePer 1% Fe IOMGD00 60-63.5% Fe 1.30 0.00Per 1% Alumina IOADF10 1-2.5% Al2O3 3.80 0.00 IOALE00 2.5-4% Al2O3 4.30 0.00Per 1% Silica IOALF00 <4.5% SiO2 0.10 0.00 IOPPS10 4.5-6.5% SiO2 0.10 0.00 IOPPS20 6.5-9% SiO2 2.00 0.00Per 0.01% Phosphorus IOPPQ00 0.09-0.12% P 1.77 0.00 IOPPR00 0.09-0.10% P 0.10 0.00 IOPPT00 0.10-0.11% P 2.20 0.00 IOPPU00 0.11-0.12% P 3.00 0.00 IOPPV00 0.12-0.15% P 3.10 0.00

Per 1% dIfferentIals (range 55-60% fe, $/dmt) Symbol within min-max $/dmt ChangePer 1% Fe TSIAD00 55-60% Fe 1.10 0.00Per 1% Alumina TSIAF00 <5% Al2O3 2.30 0.00Per 1% Silica TSIAI00 2.00 0.00

rollIng monthly average Symbol $/dmtIODEX 62% Fe IODBZ04 72.28

$/dmtuSpot lump premium assessment IOCLZ03 0.3407

enough to cover delivery schedules while the railway is fixed," a trader said.

lump premium slipsLump premiums were expected to

continue to fall on increasing supply and weaker demand for more efficient raw materials.

Weaker steel margins have led to lower buying interest for lump, but supply has been increasing, putting pressure on premiums, a trader said.

Lump cargoes in the domestic port stocks market are currently more expensive than seaborne material, resulting in an increase in bids, a Beijing-based trader said.

Platts assessed the spot lump premium at $0.3180/dry mt unit on Friday, down $0.0134/dmtu from Thursday

Domestic concentrate prices were weaker on the week, in line with the medium grade fines market, with thin buying interest seen for raw material in Hebei.

"We have a 40% cut in steel production due to the heating season policy and as such, demand for concentrates has come down," a Hebei-based procurement source said.

PLATTS ASIA IRON ORE (IODEX) DAILY raTIOnalE

Singapore—S&P Global Platts assessed the 62% Fe Iron Ore Index at $65.45/dry mt CFR North China on Friday, down 20 cents/dmt from Thursday, below a Brazilian blend fines offer and in line with tradeable values. Industry sources said Pilbara Blend fines arriving in January were tradeable at $63.75-$63.95/dmt CFR Qingdao basis 61% Fe, and $64.50-$66/dmt basis 62% Fe, which was normalized in the range of $64.99-$66.20/dmt on IODEX specifications. At 5:30 pm Singapore time, Vale was offering a 170,000 mt cargo of 62% Fe Brazilian Blend Fines cargo at $69.40/dmt CFR China on globalORE, for loading over December 20-29. The offer normalized to $66.65/dmt against IODEX specifications. Platts used a backwardation of $1.15/dmt based on the December-January swaps structure. No market data was excluded from the November 30 assessment process.

The above rationale applies to Platts 62% Fe IODEX & TSI Iron Ore Fines 62% CFR China with the associated market data codes:

IODBZ00 & TS01021

PlaTTS ChIna IrOn OrE lumP PrEmIum DaIly raTIOnalE (PMA page 1163)

Shanghai—S&P Global Platts assessed the spot lump premium at $0.3180/dry mt unit on Friday, down $0.0134/dmtu from Thursday, in line with a Pilbara Blend lump offer on the Platts Market on Close assessment process.

During the Platts MOC process, Xiamen ITG Group Corp. offered a 62% Fe Pilbara Blend Lump cargo of 100,000 mt at 30 cents/dmtu CFR Qingdao over the average of December IODEX, for loading over December 11-20.

The Pilbara Blend Lump offer normalized to $0.3185/dmtu over the average of January IODEX.

Xiamen ITG Group Corp. started the offer at $0.315/dmtu earlier in the day and gradually lowered it to 30 cents/dmtu at 5:22 pm Singapore Time. The MOC closed at 5:30 pm Singapore time.January is the mid-window month of the Platts 2-8 weeks delivery window on November 30.

No market data was excluded from the November 30 assessment process.

The above rationale applies to market data code: IOCLP00

Tepid demand weighs down seaborne iron ore ...from page 1

Several mills were reducing their steel production rates on narrowing margins, weakening demand for concentrates.

Platts assessed the 66% Fe domestic

concentrate at Yuan 720/dmt delivered to mills in Tangshan Friday, down Yuan 60/dmt on the week.

— Staff

mailto:[email protected]



IrOn OrE

Platts daIly Iron ore lumP PremIum sPot assessment Symbol $/dmtu midpoint ChangeSpot lump premium assessment IOCLP00 0.3090-0.3270 0.3180 -0.0139

Pellet PremIums Symbol $/dmt ChangeWeekly CFR China 65% Fe spot assessment* IOBFC04 48.15 -5.25Weekly CFR China 64% Fe spot premium assessment IOCQS04 42.40 -5.15Weekly CFR China 64% Fe spot fixed price assessment IOCQR04 109.00 -12.00

*Assessed November 28.

Estimated contract provisional pricing

Atlantic Blast Furnace 65% Fe (Nov) IOBFP00 62.00 4.00Direct Reduction 67.5% (Nov) IODRP00 68.00 5.50Atlantic Basin 65% Fe Blast Furnace pelletFOB Brazil (¢/dmtu) SB01095 177.90 11.86

IoPeX: Platts daIly Port stock Iron ore fInes assessment, november 30 Symbol yuan/wmt Change CFr China equiv. ($/dmt)

FOT north China (Caofeidian, Jingtang)IOPEX 62%-Fe FOT North China IOPBL00 531 8 68.07Pilbara Blend Fines FOT North China IOPBE00 515 5Newman High Grade Fines FOT North China IOPBF00 535 0IOPEX 62% Fe FOT North China rolling monthly avg. IOPBM00 579 -2

FOT East China (rizhao, Qingdao)IOPEX 62%-Fe FOT East China IOPBN00 531 8 68.07Pilbara Blend Fines FOT East China IOPBG00 515 5Newman High Grade Fines FOT East China IOPBH00 535 0IOPEX 62% Fe FOT East China rolling monthly avg. IOPBO00 577 -2

Chinese Concentrate (yuan/dmt)IO Concentrate 66% Fe DDP Tangshan VAT-inclusive* SB01159 720 -60

*Assessed November 30 2018

Platts daIly Iron ore seaborne brand assessments, november 30 fixed floating symbol $/dmt change symbol $/dmt changePilbara Blend Fines (PBF) CFR Qingdao IOPBQ00 64.20 -0.20 IOPBS00 1.20 -0.35Brazilian Blend Fines (BRBF) CFR Qingdao IOBBA00 69.25 -0.20 IOBBB00 4.15 -0.35Newman High Grade Fines (NHGF) CFR Qingdao IONHA00 66.10 -0.20 IONHB00 1.20 -0.35Mining Area C Fines (MACF) CFR Qingdao IOMAA00 59.80 -0.20 IOMAB00 -3.15 -0.35Jimblebar Fines (JMBF) CFR Qingdao IOJBA00 55.95 -0.20 IOJBB00 -7.05 -0.35

freIght dIfferentIals to major ImPort Ports, $/wmtFrom Qingdao on a Free Out basisTo North China: Caofeidian, Tianjin & Xingang 0.30To East China: Beilun -0.35To South China: Zhanjiang & Fangcheng -0.50

tsI 62% fe cfr north chIna swaPs assessment, november 30 Symbol $/dmt Change % ChangeNov 18 TSIPM00 NA NA NADec 18 TSIPM01 64.050 0.150 0.23Jan 19 TSIPM02 62.900 0.050 0.08Feb 19 TSIPM03 62.350 -0.050 -0.08Q1 2019 TSIPQ01 62.400 -0.100 -0.16Q2 2019 TSIPQ02 61.450 -0.250 -0.41Q3 2019 TSIPQ03 60.950 -0.250 -0.41Calendar 2019 TSIPY01 61.350 -0.200 -0.32

Platts daIly Iron ore lumP PremIum swaP forward curve, november 30lump Premium Symbol $/dmtu Change % ChgNov-18 AAQUA00 NA NA NADec-18 AAQUA01 0.2800 0.0050 1.82Jan-19 AAQUA02 0.2600 0.0225 9.47Feb-19 AAQUA03 0.2375 0.0150 6.74

Panamax freight rates, and $205.65/mt when using Capesize freight rates.

In China, activities remain stalled with the import halt in place till the end of 2018. Still, a seller with 85,000 mt of Premium Low Vol Saraji loading in early December said he would not be offering lower than $220/mt CFR China, largely due to strong domestic coking coal prices.

At Jingtang port, an offer was at Yuan 1,850/mt, equivalent to around $225/mt for Premium Mid Vol Moranbah North. The cargo garnered a lot of interest, the seller said, adding there was little seaborne premium hard coking coal availability at port.

The seller however, said he was still waiting for better bid levels as the coal import halt ensues till end of 2018.

Platts assessed PLV ex-stock Jingtang higher by Yuan 10/mt week on week at Yuan 1,860/mt Friday, equivalent to $227.46/mt CFR Jingtang. For HCC 64 Mid Vol, ex-stock Jingtang was assessed at Yuan 1,690/mt, up Yuan 10/mt on week,

PlaTTS CFr nOrTh ChIna IrOn OrE (65% FE LOw AL) ASSESSmENT raTIOnalE (PMA page 0199)

Singapore—S&P Global Platts assessed the 65% Fe North China Index at $82.45/dry mt CFR North China on Friday, down 40 cents/dmt from Thursday, narrowing the spread between 65% Fe and 62% Fe iron ore index to $16.80/dmt.


This assessment rationale applies to the following market data codes: 65% Fe CFR North China IOPRM00

PlaTTS CFr nOrTh ChIna IrOn OrE (58% FE LOw AL) ASSESSmENT raTIOnalE (PMA page 0188)

Singapore—S&P Global Platts assessed the 58% Fe Iron Ore Index at $57.15/dry mt CFR North China on Friday, down 20 cents/dmt from Thursday, maintaining the spread between 58% Fe and 62% Fe iron ore index at $8.30/dmt.


The above rationale applies to Platts Iron Ore 58% Fe low Al CFR North China & TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port, with the associated

market data codes: IONC580; TS01047

COkIng COal markET...from page 1



COkIng COal

Platts daIly metallurgIcal coal assessments, november 30

asia-Pacific coking coal ($/mt)

FOB CFr CFr Change australia China India australia China India

HCC Peak Downs Region 225.50 216.00 238.50 0.50 0.00 0.50

Premium Low Vol 224.50 215.00 237.50 0.50 0.00 0.50

HCC 64 Mid Vol 189.20 201.00 202.20 0.00 0.00 0.00

Low Vol PCI 121.20 133.00 134.20 0.00 0.00 0.00

Mid Tier PCI 119.20 131.00 132.20 0.00 0.00 0.00

Semi Soft 118.20 130.00 131.20 0.00 0.00 0.00

TSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia 227.00 1.50

TSI Hard FOB Australia 189.20 0.00

TSI Prem JM25 CFR Jingtang 215.00 0.00

TSI Hard JM25 CFR Jingtang 201.00 0.00

atlantic coking coal ($/mt)

FOB uS East Coast Change Vm ash S

Low Vol HCC 204.00 2.00 19% 8% 0.80%

High Vol A 215.00 1.00 32% 7% 0.85%

High Vol B 174.00 1.00 34% 8% 0.95%

CFr nw Europe Change Vm ash S

Premium Low Vol NetForward 236.90 0.20 21.5% 9.3% 0.50%

Detailed methodology and specifications are found here:http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf

Dry bulk freight assessments

route Vessel Class Freight rate ($/mt) Change

Australia-China Capesize 9.35 -0.60

Australia-Rotterdam Capesize 12.40 -0.30

Australia-China Panamax 11.80 0.00

Australia-India Panamax 13.00 0.00

USEC-India Panamax 34.00 0.00

USEC-Rotterdam Panamax 13.50 0.00

USEC-Brazil Panamax 13.50 0.00

East Australia: basis Hay Point port. USEC: basis Hampton Roads. See methodology for further details.

PCC met (Platts China Coal – metallurgical) (yuan/mt)*

Free-on DDP CFr China Ex-washplant -rail Tangshan equiv. ($/mt)

PCC Met Shanxi Premium Low Vol 1700 1735 1955 224.80

PCC Met Shanxi High Sulfur Premium Low Vol 1285 1320 1540

PCC Met North China Fat Coal – – 1510

PCC Met Shanxi PCI 970 1005 1190

PCC Met Shandong Semi Soft 1150 1170 –

PCC Met Rail Freight Shanxi – Tangshan 230

PCC Met Truck Freight Shanxi – Tangshan 255

*weekly (assessed November 28)

north China prompt port stock prices

Ex-stock Jingtang CFr Jingtang (yuan/mt, incl VaT) equivalent ($/mt)**

Premium Low Vol* 1860.00 227.46

HCC 64 Mid Vol* 1690.00 206.33

*weekly (assessed November 30), 20-day delivery from date. **ex-stock price, net of port charges, import tax and VAT

Source: S&P Global Platts

The assessed price of HCC Peak Downs® originates with Platts and is based on price information for a range of HCCs with a CSR> 67% normalized to the standard of HCC Peak Downs® (CSR 74%). Peak Downs® is a registered trade mark of BM Alliance Coal Operations Pty Limited "BMA". This price assessment is not affiliated with or sponsored by BMA in any way.

equivalent to $206.33/mt.In the met coke market, sources said

that the cut in coke prices has been met by resistance from coke producers Friday.

This was due to tighter supply of met coke as winter cuts set in where coking hours were to be extended, and coke profits could soon come under pressure should the prices extend their fall.

A major coke producer would indicatively offer at $380/mt FOB China for Chinese 64%/62% coke, but added he had little inventory at the moment.

— Yi-Le Weng

australia premium met coal uptick supports alabama coals

London—Atlantic metallurgical coal prices on Friday found higher levels for premium coals in Asia-Pacific trade,

PlaTTS harD COkIng COal FOB auSTralIa DaIly raTIOnalE (PMA page 1068)

Singapore—S&P Global Platts assessed Premium Low Vol HCC higher by 50 cents/mt at $224.50/mt FOB Australia Friday, in light of crossed firm bid and offer.

A firm bid was at $227/mt FOB Australia for the likes of an Australian Premium Mid Vol Goonyella, for a 75,000 mt cargo with mid-January laycan, assessed at a discount of 75 cents/mt to Platts PLV FOB Australia. A firm offer was at $217/mt FOB Australia for the likes of an Australian Semi Premium blend Peak Downs North, for a 75,000 mt cargo with mid-January laycan, assessed at a discount of $5/mt to Platts PLV FOB Australia. No data was excluded from this assessment.

The above rationale applies to Platts Premium Low Vol FOB Australia assessment, with the

associated data code: PLVHA00

PlaTTS ChIna harD COkIng COal (PREmIum LOw VOL) CFR ChINA DAILY raTIOnalE (PMA page 1067)

Singapore—S&P Global Platts assessed Premium Low Vol HCC steady at $215/mt CFR China Friday.

The tradable value was around $210/mt CFR China for an Australian Premium Low Vol Saraji, assessed at parity to Platts CFR China. No data was excluded from this assessment.

The above rationale applies to Platts Premium Low Vol CFR China assessment (PLVHC00) &

TSI Prem JM25 CFR Jingtang (TS01044)




COkIng COal

metallurgIcal cokeSeaborne

%CSr $/mt Change % ChgFOB North China 66/65 381.00 0.00 0.00CFR India 66/65 397.00 0.00 0.00FOB North China 64/62 373.00 0.00 0.00CFR India 64/62 389.00 0.00 0.00

Domestic

yuan/mtDDP North China (weekly) 62 2500.00 -120.00 -4.58

$/mtFOB North China equivalent (DDP weekly) 62 367.65 -16.98 -4.41

Platts chIna Plv, met coke PrIce dIfferentIalsPrice spreads $/mtImport-Shanxi Premium Low Vol CFR China -9.30Import-port stock Premium Low Vol CFR China -12.4662% CSR coke export-domestic FOB North China 5.35

cokIng coal swaPs assessment, november 30 $/mt Change % ChgTSI Premium hard Coking Coal australia Export FOB East Coast Port

Dec 18 218.000 1.50 0.69Jan 19 215.000 3.00 1.42Feb 19 210.250 3.25 1.57Q1 2019 209.750 2.75 1.33Q2 2019 187.500 3.00 1.63Q3 2019 183.380 1.75 0.962019 191.100 2.37 1.26

PenaltIes & PremIa: dIfferentIals ($/mt) within % of Premium low Vol FOB net value min-max australia assessment price ($/mt)Per 1% CSR 60-71% 0.50% 1.12Per 1% VM (air dried) 18-27% 0.50% 1.12Per 1% TM (as received) 8-11% 1.00% 2.25Per 1% Ash (air dried) 7-10.5% 1.50% 3.37Per 0.1%S (air dried) 0.3-1% 1.00% 2.25

uS low-vol hCC Penalties & Premia; Differentials ($/mt)

within % of uS low-vol hCC FOB net value min-max uSEC assessment price ($/mt)Per 1% CSR 50-64% 0.50% 1.02 40-49% 0.40% 0.82Per 0.1% S 0.70-1.05% 0.75% 1.53 1.06-1.25% 1.10% 2.24Per 1% TM (as received) 6.0-11.0% 1.00% 2.04Per 1% Ash 5.0-10.0% 1.75% 3.57

fob netbacks Per route

Basis IODEX 62% Fe

route Vessel Type Freight rate ($/wmt) moisture (%) IODEX ($/dmt)

Australia Capesize 7.70 8.03 57.08

India West Panamax 10.90 8.11 53.59

Brazil Capesize 15.70 9.00 48.20

NW Europe (CFR) Capesize 8.15 9.00 57.16

South Africa Capesize 12.25 3.00 52.82

Basis 58%-Fe CFR Qingdao

Route Vessel Type Freight rate ($/wmt) moisture (%) FOB 58%-Fe ($/dmt)

India West Supramax 12.00 11.00 26.87

Reference ports are Port Hedland, Mormugao, Haldia/Paradip, Tubarao, Rotterdam (CFR), Saldanha Bay. NW Europe IODEX netback is calculated by adding Tubarao to Rotterdam Capesize freight to IODEX Brazil netback.

such as mid-vol Illawara, stoke values of similar Alabama coals.

Tradable values for high-vol A and US low-vol rebounded on the back of higher FOB references, while a widening gap between higher priced FOB Australia quotes compared with netback Australia FOB pricing for CFR China cargos were seen this week.

While new Atlantic trading activity for US coals may be more muted, some interest remained to finalize near-term contract tonnage and book in trials.

S&P Global Platts assessment of US East Coast low-vol HCC rose $2 to $204/mt FOB, based on 58% CSR and 19% volatile matter material. A greater diversion between lower CSR coals with stronger wall pressure pricing below the index and higher values for stronger CSR coals were seen.

Greater perceived longer-term availability of low CSR coals due to trade restrictions in China hit tradable values, amid optimism around potential for a loosening in US coal tariffs into China.

US President Donald Trump and Chinese President Xi Jinping are scheduled to meet over dinner Saturday in Buenos Aires at the G-20 summit, where bilateral trade matters are on the agenda.

China’s summer imposition of a 25% additional import tariff on US coal has hit exports, especially for low-vol HCC.

Platts US high-vol A index rose $1 to $215/mt FOB USEC, based on 32% volatile matter, 1.1% reflectance straight coal, with low ash and sulfur and CSR typically in the low 60s.

Platts US high-vol B assessment added $1 to $174/mt FOB USEC, based on 34% VM unblended product.

The PLV HCC net forward price rose 20 cents to $236.90/mt CFR Rotterdam.

In the coking coal futures market, 9,000 mt was reported clearing on Friday on the Singapore-based SGX during the Asian session, while 9,000 mt traded overnight. November settlements closed at $221.24/mt and December moved up $1 to $218/mt.

The Q1 2019 strip rose 67 cents to $209/mt and Q2 2019 was stable at $187.33/mt, according to SGX. Further back contracts remain priced weaker than a week earlier, when the curve was flatter.



Platts tsI ferrous scraP reference PrIces Price Change % Chg

Scrap, Europe/Turkey (£/mt)

OA (plate & structural) - UK domestic, delivered** 237.00 0.00 0.00

($/mt)

HMS 1/2 80:20 CFR Turkey* 315.50 0.00 0.00

HMS 1/2 75:25 FOB Rotterdam* 289.00 0.25 0.09

HMS 1/2 75:25 CFR Turkey* 307.00 0.00 0.00

A3 CFR Turkey* 300.00 0.00 0.00

Shredded FOB East Coast* 310.00 0.00 0.00

HMS FOB East Coast* 305.00 0.00 0.00

Shredded - delivered - N. Europe domestic, delivered 319.90 10.13 3.27

Shredded - delivered - S. Europe domestic, delivered** 327.21 -0.43 -0.13

Scrap, asia ($/mt)

HMS 1/2 80:20 Containerized CFR Taiwan Port** 285.00 -10.00 -3.39

H2 - del Okayama - Tokyo Steel purchase price, at works gate 335.67 -3.88 -1.14

H2 - del Utsunomiya - Tokyo Steel purchase price, at works gate 331.26 0.53 0.16

Heavy - Shanghai - China domestic 384.80 1.03 0.27

HMS 1/2 80:20 CFR - East Asia import** 336.00 -11.50 -3.31

Shredded Scrap CFR India** 346.00 6.50 1.91

Shindachi Bara - del Okayama - Tokyo Steel purchase (list) price 353.34 -3.85 -1.08

Shindachi Bara - del Utsunomiya -Tokyo Steel purchase (list) price 362.17 0.57 0.16

Shredded scrap A (auto) - del Okayama -Tokyo Steel purchase (list) price 340.09 -3.87 -1.13

Shredded scrap A (auto) - del Utsunomiya -Tokyo Steel purchase (list) price 335.67 0.53 0.16

H2 FOB Japan (Yen/mt)** 30500.00 -1750.00 -5.43

Scrap, americas ($/lt)

Shredded del Midwest US*** 360.75 0.00 0.00

Shredded, del Midwest US, 10-day average 362.50 23.50 6.93

#1 Busheling - N. America domestic, del, Midwest US** 415.00 0.00 0.00

HMS 1/2 - N. America domestic, del Midwest US** 329.00 0.00 0.00

Plate & Structural - N. America domestic, del Midwest US** 347.50 0.00 0.00

(real/mt)

HMS 1/2 - Brazil S.E. domestic** 760.00 0.00 0.00

Clean Steel Scrap - Brazil S.E. domestic, delivered** 875.00 0.00 0.00

Turnings - Brazil S.E. domestic, delivered** 565.00 0.00 0.00

Prices monthly unless otherwise noted. *Daily. **Weekly. ***Assessed daily during final week and first week of month. Assessed weekly thereafter.

FErrOuS SCraPPlatts TSI Premium Hard Coking Coal reference price, used for settlement of SGX's coking coal futures, rose $1.50 to $227/mt FOB Australia

— Hector Forster

SCraP markET

Taiwan scrap import prices below $300/mt CFr for third week

Singapore—Containerized HMS prices into Taiwan tumbled again this week, marking the third consecutive week below $300/mt CFR, Taiwanese market sources said.

S&P Global Platts TSI HMS I/II 80:20 containerized scrap was assessed at $285/mt CFR Taiwan, down $10/mt from a week ago.

Containerized US-origin HMS I/II 80:20 was concluded throughout the week, including Friday, at $285/mt CFR Taiwan.

“The market is getting worse. We even had offers from US suppliers hitting $285/mt CFR on Friday, as compared to early week at $288-$290/mt,” a source at a major mini-mill in Taiwan said.

“Even so at this price, deal volumes are low and not many mills are buying because they are more worried for product sales,” a Taiwanese trader said. “Import scrap sales have been very slow for a while,” the source added.

In East Asia, continuing bearishness in the steel market has been dragging down buyers' ability to purchase higher-priced scrap. Central America-origin HMS I/II 70:30 CFR Thailand saw prices fall $15/mt this week on a deal concluded Tuesday at $275/mt, market sources confirmed.

With this week’s decrease in price for HMS I/II 80:20 CFR to Taiwan, the fall since October 5 totals $50/mt, according to Platts data.

— Samuel Chin and Kevin Seo

Turkish imported steel scrap prices stable in subdued market

London—Import prices for steel scrap in Turkey were unchanged Friday amid limited trading activity and a wide bid-offer spread.

S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $315.50/mt CFR Friday, unchanged from Thursday.

PlaTTS EmEa TurkISh FErrOuS SCraP DaIly raTIOnalE (PMA page 1309)

London—S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $315.50/mt CFR Friday, unchanged from Thursday.

HMS 1/2 (80:20) was assessed using the following indications in the absence of fresh trades: one Turkish trading source said tradeable value was at $310-$315/mt CFR, while a Turkish agent for a Baltic-supplier said Baltic-origin HMS 1/2 (80:20) was at $315-$320/mt CFR. One European merchant put tradeable value Friday at around $315/mt CFR and a UK-based merchant cited market prices above $315/mt CFR. One European-origin offer for HMS 1/2 (75:25) was heard at $315/mt CFR, but was not countered by a Turkish buyer, sources said. One Turkish buyer said tradeable value was well below this heard offer. No data was excluded from the assessment.

The above rationale applies to Platts-TSI assessment of Turkish premium deepsea HMS 1/2 (80:20)

imports, with the associated market data code: TS01011





1935-7354

Markets EditorsKevin Seo; Yoko Manabe; Weng Yi Le; Niki Wang; Kate Zhou; Lu Han; Joseph Tong; Jun Kai Heng

Shanghai:

Senior Managing Editor, Steel & Raw MaterialsKeith Tan ( 86 21 5110 5478)

Australia:

Senior Managing EditorPaul Bartholomew ( 61 3963 12096)

London:

Editor-in-ChiefDiana Kinch ( 44 207 176 8390)

Senior Editor, Raw materials, analysisHector Forster ( 44 207 176 6285)

Senior Pricing Specialist, Ferrous ScrapPascal Dick (44.207.176.0121)

Markets EditorJitendra Gill

Global Methodology SpecialistCiaran Roe ( 44 20 7176 6346)

Editor, Ferrous ScrapJamila Al Ibrahim

Pittsburgh:

Managing Editor, Steel/ScrapNicholas Tolomeo ( 1 412 246 1577)

Senior EditorTom Balcerek ( 1 412 916 8476)

Markets EditorsJustine Coyne; Joe Eckelman; Michael Fitzgerald

Singapore:

Managing Editor — Iron OreVikash Tharad ( 65 6530 6124)

SBB STEEL MARKETS DAILYVolume 12 / Issue 237 / November 30, 2018

Platts PresidentMartin Fraenkel

The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts logo must be granted in writing by S&P Global Inc.

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ISSN: 1935-7354

Content Director, Asia Metals (Singapore)Julien Hall ( 65 6530 6531)

Content Director, EMEA Metals (London)Christopher Davis ( 44 20 7176 5634)

Content Director, Americas Metals (NY)Joe Innace ( 1 212 904 3484)

Global Content Director, Metals and Agriculture (London)Ian Dudden (44 20 7176 6772)

Vice President, Metals and AgricultureSarah Cottle ( 65 6530 6553)

SBB-SMD raw MaterialS reference priceS $/mt Change % Chg

Coke and coal

Charcoal - Brazil domestic (Real/mt)^ 765.00 0.00 0.00

metallics

Pig iron - FOB - Black sea export* 360.00 0.00 0.00

Pig iron - FOB Southeastern ports - Brazil export* 350.00 0.00 0.00

Pig iron - CIF New Orleans - US import* 385.00 -5.00 -1.28

HBI - Venezuela export* 245.00 7.50 3.16*Weekly ^Fortnightly **Monthly

turkIsh scraP swaPs $/mt Change % ChghmS 1&2 80:20 CFR Turkey

Nov-18 NA NA NA

Dec-18 304.50 3.00 1.00

Jan-19 301.50 0.00 0.00

Feb-19 299.50 0.00 0.00

The quiet trading week in the Turkish import scrap market ended with no new deals reported to the market as mills remained absent, while suppliers either left their offers unchanged or withdrew them altogether.

The lack of trading activity was largely due to cautious steelmakers waiting for the completion of finished steel sales before further scrap procurement. It was further inhibited by a large bid-offer spread persisting between Turkish buyers and deepsea recyclers.

A Turkish agent said prices for Baltic-origin HMS 1/2 (80:20) should still be at $315-$320/mt CFR, while a trading source saw prices already at $310-$315/mt CFR.

As mills were heard to be targeting $300/mt levels for the near future, “sellers would just snatch [$315/mt CFR],” he said. According to him, the main issue was that sellers received no committed bids from buyers.

Some mills were heard to stay out of the market until December 10-15 after which they would have a clearer picture of finished product sales and corresponding scrap needs.

Amid the wide bid-offer spread, several suppliers from Europe and the Baltic also

stayed away from the market, sources said.“I’m expecting it to remain quiet for a

while longer. I can understand the mills don’t want to buy scrap until they know what their sales price for rebar will be. But likewise, scrap suppliers don’t want to sell scrap until they know what their buying price will be. Right now they’re still paying prices based on

their December bulk so why sell early?,” one UK-based merchant said Friday.

Yet, some cargo trades are expected in the coming weeks before the end of the year as some suppliers need to sell their material “for financial reasons” that could pressure sales prices below $315/mt CFR, one European recycler told Platts.



Platts tsI steel Industry assessments, november 30 Close/midpoint Change % Chg

asia

hot-rolled coil $/mtSAE1006 FOB China 488.00-488.00 488.00 0.00 0.00SS400 FOB China 478.00-478.00 478.00 0.00 0.00SAE1006 Premium 10.00 10.00 0.00 0.00

reinforcing bar $/mtFOB China 483.00-485.00 484.00 -2.00 -0.41

Europe

hot-rolled coil Eur/mtPlatts TSI North European HRC, EXW Ruhr 540.50 540.50 0.00 0.00CIF Antwerp 490.00-505.00 497.50 -7.50 -1.49

$/mtFOB Black Sea 470.00-480.00 475.00 -2.50 -0.52

Plate Eur/mtPlatts TSI North European Plate, EXW Ruhr Wkly* 588.50 588.50 2.00 0.34CIF Antwerp* 550.00-570.00 560.00 -20.00 -3.45*weekly (assessed November 30)

reinforcing bar Eur/mtEx-works, NW Eur 535.00 535.00 0.00 0.00

$/mtFOB basis Turkey 477.50-482.50 480.00 -3.00 -0.62

Billet $/mtFOB Black Sea 429.00 429.00 0.00 0.00

north america

hot-rolled coil $/stPlatts TSI HRC EXW Indiana 773.00 773.00 -0.25 -0.03DDP, Houston 730.00 730.00 0.00 0.00

Plate $/stPlatts TSI Plate delivered US Midwest 999.75 999.75 -1.75 -0.17DDP, Houston 870.00 870.00 0.00 0.00

reinforcing bar $/stEx-works, US SE 685.00-710.00 697.50 0.00 0.00DDP, Houston 685.00 685.00 0.00 0.00

europe anD uS colD-rolleD coil aSSeSSMentS, noveMBer 30 Eur/mt Close/midpoint Change % ChgPlatts TSI North European CRC, EXW Ruhr 619.50 619.50 0.00 0.00CIF Antwerp 565.00-575.00 570.00 0.00 0.00

$/mtFOB Black Sea 540.00-550.00 545.00 0.00 0.00

$/stPlatts TSI CRC EXW Indiana 870.50 870.50 0.00 0.00DDP, Houston 850.00 850.00 0.00 0.00

One European-origin offer for HMS 1/2 (75:25) was heard at $315/mt CFR, but was not countered by a Turkish buyer, some sources said.

“No one even responds to this,” one Iskenderun-based mill said Friday.

On the back of a quiet physical market, steel scrap futures on the London Metal Exchange saw little activity Friday, with the only moves seen on the December contract.

December futures rose $3 to $304.50/mt Friday on stronger bids.

This was still $11.50/mt below the physical spot assessment but in line with some market sources hearing mills looking at $300/mt CFR as their next price target.

— Pascal Dick

FErrOallOyS markET

molybdenum oxide prices move higher in tight market

London—Molybdenum oxide prices ended the week on a firm note as offer levels moved higher again, although concluded business was scarce.

"We're seeing more Korean traders asking for offers and offer levels at $12.30/lb and $12.35/lb," an Asian seller said, adding, however, that there were few firm bids in the market.

An Asian trader pegged prevailing offer levels for oxide powder at $12.35-$12.40/lb, adding that there were "very few offers in the market."

In Europe, one spot lot of drummed oxide powder was reported sold in Rotterdam at a price slightly above $12.30/lb.

The Platts daily dealer molybdenum oxide assessment rose to $12.20-$12.35/lb Friday from $12.10-$12.25/lb previously, while the daily European ferromolybdenum assessment rose to $28.85-$29.15/kg from $28.60-$28.80/kg.

— Andy Blamey

China likely to resume FeV exports on domestic price fall: AmJ

Tokyo—China, the world’s largest supplier and consumer of vanadium alloys, is likely to resume ferrovanadium exports in December as domestic prices continue to fall, Hiroshi

Matsumura, ferroalloy general manager at trading house Advanced Material Japan said in an interview with S&P Global Platts Friday.

Chinese domestic prices of ferrovanadium (80% V) have fallen by around 15% in the last three weeks, to Yuan 400,000/mt ($120/kg) ex-plant, inclusive of the 16% value added tax, from $140-$150/kg ex-plant at the beginning of the month, Matsumura said.

Platts assessed spot ferrovanadium prices in Europe at $113-$117/kg DDP

Northwest Europe on Thursday, down from $124-$128/kg a week ago.

If Chinese prices fall below international levels, Chinese traders may start export sales of prompt December-loading cargoes, and this could happen as soon as next week, Matsumura said.

Active Chinese exports were last seen about a year ago when ferrovanadium was one third of the current level, at around $30-$40/kg in the international market.





Platts daIly asIa PacIfIc metallurgIcal coal relatIvItIes, november 30, 2018 november 30 Spread Spread CFr China vs PlV vs hCC 64 $/mt

Peak downs 216.00* 100.47%

*Peak Downs FOB australia (China netback) after accounting for haypoint-Qingdao Panamax freight = $204.20/mt.

Saraji 215.00 100.00%

Premium low vol 215.00** 100.00%

**Premium low Vol FOB australia (China netback) after accounting for haypoint-Qingdao Panamax freight = $203.20/mt.

German Creek 213.50 99.30%

Illawarra 210.00 97.67%

Moranbah North 210.00 97.67%

Oaky North 213.50 99.30%

Goonyella 210.00 97.67%

Goonyella C 208.00 96.74%

Peak Downs North 208.00 96.74% 103.48%

Standard 208.50 96.98% 103.73%

Premium 208.50 96.98% 103.73%

Hail Creek 206.00 95.81%

hcc 64 mid vol 201.00 93.49% 100.00%

Lake Vermont HCC 201.00 100.00%

Carborough Downs 199.50 99.25%

Middlemount Coking 184.00 91.54%

Poitrel Semi Hard 179.00 89.05%November 30 freight rates. Australia to China: Panamax = $11.80/mt Capesize = $9.35/mt.

The Platts Metallurgical Coal Relativities CFR China assessments do not reflect any restrictions or import duties, including duty rebates applied to coals under different import regimes, which may affect the transacted price of the commodity. CFR China assessments are based on pricing information before any additional, if any, import tariffs are imposed such as a 3% import tax on Canadian, Russian and US coals. The definition of CFR is based on International Chamber of Commerce Incoterms ® 2010.

A detailed explanation of the Platts Metallurgical Coal Relativities can be found here: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

For further information about this data please contact [email protected].


Platts weekly metallurgIcal coal relatIvItIes table november 30, 2018 november 30, FOB Spread hampton roads vs uS lVOak Grove 228.00 111.76%

Blue Creek No. 7 228.00 111.76%

Blue Creek No. 4 223.00 109.31%

Beckley 210.00 102.94%

low vol fob usec 204.00 100.00%

Windber 200.50 98.28%

Buchanan 201.00 98.53%

Pinnacle 197.00 96.57%November 30 Panamax freight rates. Hampton Roads to Rotterdam = $13.50/mt, Hampton Roads to Brazil = $13.50/mt, Mobile to Rotterdam = $18.50/mt.

For further information about this data please contact [email protected].


Chinese domestic spot price of ferrovanadium started to soften earlier this month after rebar prices fell to around Yuan 4,500/mt ($650/mt) ex-plant, from Yuan 5,000/mt, inclusive of 16% VAT. Spot price of feedstock vanadium pentoxide also softened to $29-$29.95/lb FOB China this week, from the previous levels above $30/lb, said one Asian ferrovanadium smelter source.

"A month ago, if rebar sells at Yuan 5,000/mt, steelmakers could break even if ferrovanadium prices were at $200/kg. After the rebar prices softened, Chinese mills buying spot via tenders started to reject offers," Matsumura said.

Spot buying in China has been limited since the start of the current quarter, with most buyers having secured their near-term requirements in August-September.

"There were no big buyers [in the past two months], and with the rebar price fall, prospective spot buyers of ferrovanadium retreated in wait-and-see mode," he added.

Spot buyers in the Chinese domestic market are mostly mid and small-sized steelmakers, as leading steelmakers have term contracts with local producers, Matsumura said. They typically buy in 5-10 mt lots from local traders.

Chinese traders have always been in the spot international market, but typically offers at $20/kg above international price levels, traders also said. Chinese traders may become more aggressive if Chinese domestic prices fall faster than the international market. This is possible as not many small and medium sized steelmakers in China have the incentive to continue making vanadium-contained rebars, Matsumura said.

Chinese traders are likely to export ferrovanadium with 80% vanadium content, which is not levied with an export tax.

Other market participants said they were not sure which market -- China or international -- would fall faster.

This week, a European trader was heard offering $115/kg, basis unknown, said a South Korean trader. Other prospective sellers -- a handful of international traders, and South Korean and Russian smelters -- were not likely to track down low offers, sources said. One of the prospective spot sellers said he had no cargo to offer until the end of March next year. Companies would rather hold onto their stocks so long

as tightness remains in China's vanadium pentoxide market, that underpins global ferrovanadium prices at near-record highs, another trader said.

This week, a deal was reported for European vanadium pentoxide at $28/lb CIF Asia, for 20 mt. Chinese prices of $29-$29.50/lb are at a premium to the European level.

The number of ferrovanadium buyers are

increasing on the back of demand rising in Turkey, India, Indonesia and Taiwan, some market sources said.

Matsumura said the decline in Chinese and international spot prices would be limited.

"Chinese demand of 90,000-100,000 mt/year [of metallic vanadium] balances with supply [of] about the same level. Chinese demand may decrease marginally and supply



Platts turkey arc steel tracker, november 30, 2018 Scrap Billet rebar

vs 30-day -0.71% (-$2.24) -0.48% (-$2.16) 0.98% ($4.72)vs 60-day 0.24% ($0.76) -2.37% (-$10.61) 1.96% ($9.41)

market Direction: -0.62% (-$3.00) Industry Composite Index: 79.47

Price moves relative to each commodity measured vs 30-day and 60-day moving averages.

scraP: Iron ore ratIos ratio Previous ratio

HMS I/II 80:20 CFR Turkey: TSI 62% iron ore CFR North China 4.82 4.81US shredded delivered Midwest: TSI 62% iron ore CFR North China 5.42 5.41

PLATTS TURKEY ARC STEEL TRACKER BASED ON 30-DAY AVERAGES(%)

Platts Turkey ARC is a relative strength indicator for Platts Turkey Rebar FOB, Platts Black Sea Billet CFR Turkey basis and Benchmark TSI Scrap CFR prices*. The daily index for each commodity shows the degree the price is over or below the average of price relationships with the others for the past 30 or 60 days, with 0 as equilibrium. Indices provide trading price signals for the commodity or for the wider complex, and potential changes in demand and supply for the steel industry. Historic 30-day and 60-day basis data through 2012 is available. Source: S&P Global Platts *e�ective March 1, 2016

-8

-6

-4

-2

0

2

4

6

30-Nov15-Nov31-Oct16-Oct01-Oct14-Sep30-Aug14-Aug30-Jul

Market DirectionScrap 30Rebar 30Billet 30

also decreases, so no major change in the supply demand balance," he said.

He forecast international prices touching $110/kg within this year, possibly falling to $80-$90/kg and rising to $130/kg in the first half of 2019.

The spot price of ferroniobium, used as a ferrovanadium substitute, has not been affected by the ferrovanadium price decline. The most recent spot deal was at $45-$46/kg delivered basis in Japan, said one Japanese trader.

— Mayumi Watanabe

FrEIghT

Initial Capesize market positive sentiment sours by week's end

Singapore—Capesize markets in the Asia-Pacific and Atlantic ended the week on a rather muted note Friday.

"It's pretty quiet out there; the overall level of excitement and confidence that we saw earlier in the week has come off significantly," said a Singapore-based source with a ship brokering company. A second ship broker source said: "We're pretty much done this week. I don't think there will be much activity today [Friday]. Most have now lost interest to trade and are now looking to see how next week develops."

Some market participants said the weaker market could also be due to reports of a railway incident in South Africa, as there was currently no clear schedule for repairs — and cargoes out of South Africa would likely be disrupted.

On the Western Australia-Qingdao route, Rio Tinto was heard seeking a Capesize vessel from Dampier to Qingdao for December 15-17 laycan, bidding in the low $7s/wmt against offers seen at $7.80/wmt. Hyundai Glovis was heard to have fixed MV Emil from west coast Australia to China for December 12-onward loading dates at $7.70/wmt.

The freight rate for a Capesize vessel to move iron ore from Port Hedland to Qingdao was assessed at $7.70/wmt, down 50 cents/wmt from Thursday.

Among other cargoes heard in the Asia-Pacific, Pacbulk was heard seeking a vessel to carry 150,000 mt (plus/minus 10%) of coal from Abbot Point to

Fangcheng for December 15-24 laycan. Kepco was heard seeking a vessel to carry 125,000 mt (plus/minus 10%) of coal from Newcastle to Boryeong for December 22-31 laycan. Simec was heard seeking a Capesize vessel from Whyalla to Qingdao for Q1 2019 loading dates.

In the Atlantic, Refined Success was heard seeking a Capesize vessel from Drummond to Atlas Berth for December 21-30 laycan. NYK was heard seeking a Capesize vessel from Bolivar to Rotterdam for December 16-25 laycan. Vale was heard to have fixed a Capesize vessel from Tubarao to Qingdao for end-December loading dates at $15/wmt. Some market participants claimed there were some irregularities with the fixture, but further details could not be confirmed.

The freight rate for a Capesize vessel to move iron ore from Tubarao to Qingdao was assessed at $15.70/wmt, down $1.80/wmt from Thursday.

Out of South Africa, Jaldhi was heard seeking a Capesize vessel from Richards

Bay to Sandheads for December 10-30 laycan. The freight rate for a Capesize vessel to move iron ore to Qingdao from Saldanha Bay was assessed at $12.25/wmt, down $1/wmt from Thursday.

— Staff

amErICaS

Pig iron pricing in uS slips slightly amid scrap and CIS tensions

Pittsburgh—US pig iron import prices were mostly rangebound this past week with major mills already having booked tonnage through year-end.

S&P Global Platts lowered its weekly assessment of basic pig iron $5/mt to $385/mt CIF New Orleans on Friday.

The outlook for ferrous scrap pricing does not appear to be an impetus to lift pig iron pricing either. Scrap suppliers and steel mills are expecting prime scrap pricing to likely remain unchanged in December when





Platts tsI steel assessments currency and unIt comParIsons, november 30 Prior assessment Eur/mt $/mt $/st $/CwT $/mt $ change % change

hot-rolled coil

Platts TSI North European HRC, EXW Ruhr* 540.50*** 611.95 555.16 27.77 615.14 -3.19 -0.52%FOB Black Sea* 419.54 475.00*** 430.92 21.55 477.50 -2.50 -0.52%CIF Antwerp* 497.50*** 563.27 511.00 25.56 574.74 -11.47 -2.00%Platts TSI HRC EXW Indiana** 753.32 852.07 773.00*** 38.65 852.35 -0.28 -0.03%DDP Houston 711.41 804.67 730.00*** 36.50 804.67 0.00 0.00%

Cold-rolled coil

Platts TSI North European CRC, EXW Ruhr* 619.50*** 701.40 636.31 31.82 705.05 -3.65 -0.52%FOB Black Sea* 481.36 545.00*** 494.42 24.73 545.00 0.00 0.00%CIF Antwerp* 570.00*** 645.35 585.46 29.28 648.72 -3.37 -0.52%Platts TSI CRC EXW Indiana** 848.34 959.55 870.50*** 43.53 959.55 0.00 0.00%DDP Houston 828.36 936.95 850.00*** 42.50 936.95 0.00 0.00%

Plate

Platts TSI Plate delivered US Midwest** 974.30 1102.02 999.75*** 49.99 1103.95 -1.93 -0.17%DDP Houston 847.84 958.99 870.00*** 43.50 958.99 0.00 0.00%

reinforcing bar

Ex-works, Northwest Europe* 535.00*** 605.73 549.52 27.48 606.53 -0.80 -0.13%East Mediterranean, basis Turkey* 423.95 480.00*** 435.46 21.78 483.00 -3.00 -0.62%Ex-works, US Southeast** 679.74 768.85 697.50*** 34.88 768.85 0.00 0.00%DDP Houston 667.56 755.07 685.00*** 34.25 755.07 0.00 0.00%*LN 16:30 Eur/$ ex rate = 1.1322; **NY 16:30 $/Eur ex rate = 0.8841. ***the primary assessments and have not been converted

Please note: All Platts and TSI CIF and CFR prices (US, Europe, Southern Europe, Persian Gulf and Turkey) represent freely traded values. This means they do not reflect any restrictions or duties as a result of trade cases. For detailed specifics, The Platts Weekly Trade Case Status report can be found on the last pages of this issue.

monthly trading begins next week.One recent CIS booking by a US mill

was concluded at $385/mt CIF New Orleans “without much pushback,” according to a mill source. “It wouldn’t surprise me if the price trends down to $380 by this time next month,” he added.

A trader believed the situation in the CIS could curtail pig iron supply and ultimately raise prices. “The pig iron market is still around $385-$390/mt,” he said. “But I think after the first of the year it will be $410/mt and the conflict in Russia/Ukraine will cause some issues on supply.”

Ukrainian pig iron exporter Metinvest has said it was ready to shift exports from the Sea of Azov port of Mariupol to Ukrainian Black Sea ports due to the escalating Ukrainian-Russian tensions in the Sea of Azov following the capture of three Ukrainian ships by Russians last weekend.

The fate of prime scrap prices in the US during December trading next week could give an indication for January pig iron bookings. Most mills have indicated they see no reason to raise prime scrap pricing for December and one mill buyer believed there was a chance prime scrap prices could fall. Sources indicate there are three bulk cargoes of ferrous scrap, primarily prime, set to arrive in the US from Europe

in December. Historically in the US market, prime scrap is the steelmaking raw material most closely correlated to pig iron pricing.

— Nicholas Tolomeo

Brazil's southeast pig iron export price moves sideways

Sao Paulo—The Brazilian pig iron export price moved sideways Friday, with little discussion around December and January shipments, sources said.

S&P Global Platts assessed the weekly Brazilian export basic pig iron price stable at $350/mt FOB southeastern ports, based on a $345-$355/mt bid-offer range.

Southeastern Brazilian producers typically offer high-phosphorus pig iron over 0.10%.

The Brazilian pig iron export activity in the Southeastern region was calm in the week of November 26-30.

According to latest port agency data, the Calypso GR vessel is berthed at Vitoria port for loading 30,000 mt of pig iron and going to South Africa. The exporter company is CBF according to the agency.

However, the S&P Global Platts trade flow software cFlow reported the same vessel going to the port of South Louisiana, New Orleans, in the US. It is expected to reach the final destination on December 15,

according to cFlow.Still according to cFlow, the Atlantic

Bulker vessel left Acu port in Rio de Janeiro on November 26 towards Vitoria port, expected to reach on December 1.

The port agency data shows the Atlantic Bulker already anchored at Vitoria port for loading 30,000 mt with Italy as a final destination. Minas Metais is the exporter company, according to the agency.

— Priscilla Antunes

Venezuela hBI prices rise on tight supply, strong demand

Sao Paulo—Venezuelan hot-briquetted iron export prices increased week on week, driven by very tight supply in the market and robust demand in Europe, sources said Friday.

S&P Global Platts assessed the weekly Venezuelan HBI export price at $245/mt FOB Friday on a bid-offer range of $240-$250/mt FOB. The previous price was $237.50/mt FOB on a bid-offer range of $235-$240/mt FOB.

A trader said CFR Europe prices are at $320s/mt this week, up from the previous week.

“We have one more vessel for the beginning of December, which was bought at higher prices,” a trader said, pointing out the material would be sold in Europe





weekly ferroalloy PrIces

Ferrochrome

cts/lb change/date assessedCharge Chrome 48-52% in-warehouse US. 130.000 / 135.000 11-28-18 / 11-28-1865% High Carbon in-warehouse US 120.000 / 125.000 -15.000 / -19.000Low Carbon 0.05% in-warehouse US 240.000 / 245.000 11-28-18 / 11-28-18Low Carbon 0.10% in-warehouse US 200.000 / 204.000 -1.000 / -1.000Low Carbon 0.15% in-warehouse US 190.000 / 195.000 -7.000 / -5.000Charge Chrome 52% DDP NWE 93.000 / 98.000 11-29-18 / 11-29-1865% 6-8% High-Carbon DDP NWE 120.000 / 123.000 11-29-18 / 11-29-18Low Carbon 0.10% DDP NWE 220.000 / 225.000 11-29-18 / 11-29-18Charge Chrome 48-52% CIF China 79.000 / 82.000 11-28-18 / 11-28-1858-60% High Carbon CIF China 77.000 / 78.000 -1.000 / -1.00060-65% Spot CIF Japan 82.000 / 85.000 -2.000 / 11-28-18

Ferromanganese

$/gt change/date assessedHigh Carbon 76% in-warehouse US 1300.000 / 1370.000 11-28-18 / 11-28-18

cts/lb change/date assessedMedium Carbon 85% Mn in-warehouse US 112.000 / 114.000 11-28-18 / 11-28-18

Ferromolybdenum

$/lb change/date assessedMW US FeMo 13.200 / 13.600 0.100 / 0.100

$/kg change/date assessedMW Europe 65% Ferromolybdenum 28.550 / 28.820 -0.070 / 11-30-1860% FeMo FOB China 31.500 / 32.500 -1.000 / -0.50060% FeMo CIF Japan 28.700 / 28.800 -0.100 / -0.200

Ferrosilicon

cts/lb change/date assessed75% Si in-warehouse US 104.000 / 106.000 11-28-18 / 11-28-18

$/mt change/date assessed75% Si CIF Japan 1260.000 / 1275.000 -10.000 / -5.000

$/mt change/date assessed75% Si FOB China 1250.000 / 1335.000 -20.000 / 25.000

Eur/mt change/date assessed75% Std DDP NWE 1580.000 / 1600.000 11-29-18 / 11-29-18

Ferrovanadium

$/lb change/date assessedFree Market V205 26.000 / 29.000 11-29-18 / 11-29-18US Ferrovanadium 55.000 / 57.000 11-29-18 / 11-29-18

$/kg change/date assessedEurope Ferrovanadium 113.000 / 117.000 -11.000 / -11.000

manganese

$/mt change/date assessedElectrolytic 99.7% FOB China 1870.000 / 1920.000 11-30-18 / 11-30-18

manganese ore

$/dmtu change/date assessed44% Manganese Ore CIF Tianjin 7.150 11-30-1837% Manganese Ore CIF Tianjin 6.750 11-30-18

molybdenum

$/lb change/date assessedMW Dealer Oxide 12.020 / 12.170 0.150 / 0.130

Silicomanganese

cts/lb change/date assessed65% Mn in-warehouse US 60.000 / 65.000 11-28-18 / 3.000

$/mt change/date assessed65% Mn CIF Japan 1010.000 / 1050.000 -40.000 / -10.000

Eur/mt change/date assessed65:16 DDP NWE 1200.000 / 1250.000 11-29-18 / 11-29-18

Same-date references indicate there was no price change.

at higher than $320/mt CFR. “For other weeks of December, we will have another vessel,” the trader said.

A second trader said there are mixed signals in the market. “The situation is the price is up as there [are fewer] cargoes available from Venezuela, and Russia/Libya didn’t decrease their prices,” he said.

International pressureThe Turkish market generally supports

Venezuelan HBI prices. Historically, for HBI to remain competitive on a CFR basis, it is below Turkish imported scrap prices, which were at $315.50/mt CFR on a heavy melting scrap (80:20 basis) Friday, compared with $326.50/mt CFR the previous week.

“Prices are way above the scrap price, buyers are cautious. Also, HBI prices in Russia and Libya are firm, unchanged,” the trader that closed the last cargo said.

According to sources, the large majority of Turkish buyers stayed out of the market for the whole week, but were heard already countering some offers below $300/mt CFR. Turkish mills have lost all buying interest, dropping bids sharply, sources said. The expectation for next week is probably some lower prices, once the Turkish comes back with firm lower bids, but a lot of uncertainty.

“Generally, it all depends on the Turkish market and international trends, especially scrap, but also pig iron. Currently, these markets are going down, but at the same time there is less material in the market and Italy always wants HBI, so the price has been supported by that lack of material,” a Italian trader said.

Industry tightnessAccording to sources, some Venezuelan

producers are still on strike, making it harder to load material from that country. Currently, only two producers are working at much reduced rates — Comsigua and BriqVen — while Venprecar, Orinoco Iron and Ferrominera plants are offline.

Pellets also are not being produced or delivered in the country. The market remains at a standstill as a result of ongoing strikes in the iron and steel sectors, tightening supply. Previous cargoes were produced with pellets that had been held in the companies’ inventories, sources said.

The volumes and the timeline for when



new material will be available remain unclear.No new vessels left Venezuela during

the week, and no vessel arrived at the Palua port for loading. A vessel — the Bulk Destiny, which has been in the vicinity for two weeks — was expected to berth at Palua in the past week. Sources have said it will not berth anymore and has to leave the river. It had started from Abidjan in Cote d'Ivoire November 1, according cFlow, Platts trade flow software.

Transportation issuesThe draft of the Orinoco River in South

America also has affected loading. The inside channel river was just below 12 meters this week, but the outside channel was below 9 meters.

This has continued to affect loading procedures and freight costs. Vessels have been unable to load full cargoes, causing a considerable hike in freight levels, as Handymax and Supramax vessels depart short-loaded.

Sources said the situation is expected to continue during the dry season, and freight costs could go even higher for the next two quarters.

According to sources, vessels would only able to load between 20,000 mt and 25,000 mt. Traders were contacted in Venezuela, Central America, the US and Europe.

— Guilherme Baida

Primetals to replace CaP acero converter no. 1 in Chile

Sao Paulo—CAP Acero, the Huachipato steel mill operated by Chilean integrated steel group CAP, will revamp its LD (BOF) converter No. 1 system in Talcahuano, the company said Thursday.

The modernized converter No. 1 is scheduled to come back online in March 2020.

UK-based Primetals Technologies “will revamp converter #1 after converter #2 was successfully started up earlier this year,” it said in a statement. “This repeat order follows the successful start-up of converter #2 in May." It will be installed during the spring of 2019, it said.

According to the Primetals, the revamped converter No. 2 will be equipped with the Vaicon Stopper pneumatic slag retention system. “Vaicon Stopper ensures

... slag carry over during tapping [is kept] to a minimum and leads to a significant decrease [in operating costs] due to lower consumption of slag formation agents and deoxidizing materials, with a positive impact on steel quality,” it said.

Primetals will be responsible for planning and designing the new plant components, the assembly engineering, supervising the disassembly and reassembly, and training the operating and maintenance personnel.

Chile's VAPOR Industrial will handle the manufacturing and transportation of the plant components.

CAP Acero is currently operating one blast furnace and is capable of producing 700,000 mt/year of rebar and other bar products.

— Guilherme Baida

aSIa

Thailand's domestic steel scrap price takes big hit

Singapore—Thai domestic scrap prices saw multiple cuts this week, tanking by a total range of Baht 0.80-1.00/kg ($24-$30/mt) as buyers sought cheaper billet options from China, market sources said.

Domestic scrap prices for HMS I/II 80:20 equivalent was purchased in a range of Baht 10.10-10.30/kg ($307-$313/mt) delivered to mill, according to various Thai mill sources. This was down from the last week’s prices of Baht 11.10/kg ($338/mt).

“Some mills are taking the chance to buy billets now as their prices are so weak," a Thai mill source said. "We heard offers for Chinese billets at even $455/mt CFR levels.”

A source at a Hebei-based steelmaker told S&P Global Platts that Chinese material had made its way to Thailand at $445/mt CFR this week.

Chinese billets have made a comeback in the Southeast Asian market this week, with a deal concluded to the Philippines Tuesday. This marked the first deal involving Chinese material into the region in six months, Platts data showed.

Scrap import prices to Thailand have also fallen week on week, with a deal concluded Tuesday for 2,000mt of Central America-origin HMS I/II 70:20 at $275/mt CFR, down

$15/mt from a deal last week, a source at a Thai mill said.

In the domestic product market, rebar sales remained stagnant and dry, causing mills to adopt a cautious approach on the import scrap markets, market sources said. “Prices of domestic rebar have also fallen by Baht 0.50/kg ($15/mt) this week to around Baht 18.10/kg ($550/mt) ex-works,” another Thai mill source said. “It will continue falling from the look of it.”

— Samuel Chin and Joy Zhou

InSIghT

ANALYSIS: high-grade iron ore premiums unwind

London—High-grade iron ore premiums have taken the biggest knock amid price corrections in China-related spot steel and iron ore markets this month, as lower offers and technical factors limit a shift to more polluting lower grade ores.

Coking coal and coke prices have been less affected, as tighter supplies of premium grade met coals and potential restrictions on coking over the winter supported high CSR coke prices.

Much has been made of a shift in using lower quality iron ores, away from high iron containing grades with low impurities such as lower alumina that facilitate efficiency in blast furnace operations.

Silica and alumina penalty premia have weakened a little over November, which may suggest more price strength for lower grade ores. Relative prices for 58% Fe low alumina fines have shown a discount of 5%-7% over IODEX on an adjusted iron basis, while Friday saw the spread move to a discount of 6.7%.

Relative prices for Platts 65% Fe fines have weakened, as outright prices slid to $82.25/dry mt CFR China Friday, down 15% from a peak this month of $97.25/dmt on November 5. Over November, premium blast furnace coke prices in China have dropped by less than 5%.

The Platts 65% Fe fines index peaked at over 35% premium to IODEX 62% Fe fines on an equivalent iron basis in early September. The 65% Fe to 62% Fe fines spread reached a record premium of around 39% for the






high-grade marker in mid-July.On Friday, the 65% Fe premium settled

at 19.87% over IODEX, and 65% Fe fines were $16.80/dry mt higher than the 62% Fe IODEX benchmark.

“High grades are selling off,” a trader said of the market in China.

Outside China’s spot market, longer term premiums and contracts may prevail at higher relative prices for materials such as concentrates.

Concentrates for some grades in Chinese spot offers have moved to price below 65% Fe fines index, after achieving premiums prior, the trader said.

However, the segment is finding more support, after Chilean producer CAP Mineria declared force majeure to some of its buyers last week as a result of a fatal accident at Puerto Guacolda II port in Huasco. This may lead to works on port infrastructure and curtail concentrate and pellet feed shipments, market sources said.

Iron ore industry executives remain sanguine over the price correction led by high grades.

“We recognize it got an exceptional differential level before,” said a source at a high-grade iron ore mining developer.

He believed a premium of around $5/dmt per 1% Fe or a range of $4-$6/dmt per 1% Fe over the mid-range 62% Fe be more reasonable to expect longer term.

The differential ballooned to over $9/dmt per 1% Fe between 62%-65% Fe in July and

September, based on Platts indices. Platts mid-range differential between 60%-63.5% Fe was $1.30/dmt Friday.

Negotiated prices and offers have moved down for IOCJ from Vale over the month, while total pellet prices for typical 64% Fe Indian material have lost about 20% since mid-October to $109/dry mt CFR China as of November 28, according to Platts weekly price assessments.

High-grade spot volume remain relatively strong, off spot trade levels earlier. Spot activity in lower iron grades is thin and additional cargoes and new grade brands may be going to existing customers.

Iron ore fines, concentrates and pellets with high iron content have seen spot prices and indicative premiums fall quickly, tracking weaker steel prices and indicative mill margins down. Lump spot premiums have also weakened from a recent high.

Lower grade 58% Fe low alumina indices have seen pricing relativities more stable, and lower volume spot trade and more contract sales may make any shift in usage by ore grade harder to read.

China’s steel output in early November had rebounded from late October, and while weaker than rates earlier this year, remain 6.45 higher year-on-year, according to industry group CISA.

With pollution-related industry attention at a fore in an environment of more targeted steel cuts over this winter than a year ago, demand for high grade steel raw materials

may remain sustainable to ensure compliance.US iron ore and steel industry executive

Larry Lehtinen believes the Tacora concentrate project in Canada will find buyers in various segments, as demand rises for high grade iron ore and as feed for pelletization.

Lehtinen said the current downward trend in higher iron grades may be a seasonal fluctuation that will reverse come the spring when Chinese iron ore demand and steel output rises.

Attention in northeast Asia and Europe, as well as the Middle East on contract terms and premiums may factor in longer-term demand for premium grade materials and sensitivity to impurities.

Tight market segments such as pellet feed and direct reduction pellets find growing demand unfulfilled by existing producers this year due to force majeure at mine operations and increasing sensitivity around impurity content in meeting blast furnace and DRI operating regimes with steel specifications.

Discussions around using 65% Fe fines indices or a larger factor of high grade spot indices as a basis for contact pricing in some segments are heard. This may be considered as miners and pellet producers have suggested to move away from 62% Fe fines. A move to a higher grade product index may aid clarity around pricing incentives to pelletize material, rather than arrange sales as concentrated ore.

— Hector Forster

markETPlaCE

�� Met coal: BMA’s Australian Premium Low-Vol Saraji tradeable value heard on 30 Nov at $210/mt CFR China, from Australia, 75,000 mt on Panamax.

�� Met coal: BMA’s Australian Premium Low-Vol Saraji indicative offer heard on 30 Nov at $220/mt CFR China, from Australia, laycan early-Dec, 75,000

mt on Panamax.

�� Met coal: Australian Premium Mid-Vol 67.0-69.0% CSR, 23.0-24.0% air-dried VM, 8.0-9.0% air-dried ash firm bid heard on 30 Nov at $225/mt FOB

Australia, laycan Jan, 75,000 mt on Panamax.


Australia, laycan Feb, 75,000 mt on Panamax.


Australia, laycan Jan, 75,000 mt on Panamax.

�� Met coal: BMA’s Australian Premium Mid-Vol Goonyella tradeable value heard on 30 Nov at $225/mt FOB Australia, from Australia, 75,000 mt on Panamax.

�� Updated: Met coal: Anglo American’s Australian Premium Mid-Vol Moranbah North indicative offer heard on 30 Nov at ¥1850/mt Ex-stock Jingtang,

from China, 75,000 mt on Panamax.

�� Met coal: Anglo American’s Australian Premium Mid-Vol Moranbah North indicative bid heard on 30 Nov at ¥1800/mt Ex-stock Jingtang, from China,

75,000 mt on Panamax.

�� Met coal: South 32’s Australian Premium Mid-Vol Illawarra indicative bid heard on 30 Nov at $200/mt FOB Australia, from Australia, 75,000 mt

on Panamax.




SuBSCrIBEr nOTES

�� Met coal: Australian Semi-Premium blend 67.0-69.0% CSR, 22.0-23.0% air-dried VM, 9.0-10.0% air-dried ash firm offer heard on 30 Nov at $217/mt

FOB Australia, laycan Jan, 75,000 mt on Panamax.

�� Iron ore: 65.23% Fe, 4.49% SiO2, 0.59% Al2O3 SFLA fines trade heard done at MB 62% $9.6/dmt CFR China 1-31 Jan Avg pricing on 30 Nov, sold by

Vale through tender closed at 4PM Singapore time, final loading on 16 Nov to China, 178,500 mt.

�� Iron ore MOC: 62% Fe Australian Pilbara Blend lump — Xiamen ITG Group Corp., Ltd offering at $0.315/dmtu CFR Qingdao over average of December

IODEX, 100,000 mt, loadport laycan Dec 11-20

�� Updated: Offer down: Iron ore MOC: 62% Fe Australian Pilbara Blend lump — Xiamen ITG Group Corp., Ltd offering at $0.312/dmtu CFR Qingdao over

average of December IODEX, 100,000 mt, loadport laycan Dec 11-20











�� Iron ore: 64% Fe domestic concentrates was heard traded at Yuan 660-670/dmt delivered to the mills in Hebei.

�� Iron ore: 66% Fe domestic concentrates was heard traded at Yuan 720-730/dmt delivered to the mills in Hebei.

�� Iron ore: 65% Fe Brazilian Carajas (Expected) - 62% Fe Australian Pilbara Blend Fines spread tradeable value heard at $15/dmt CFR China on 30 Nov.

�� Iron ore: 65% Fe Brazilian Carajas (Expected) - 62% Fe Australian Pilbara Blend Fines spread tradeable value heard at $17/dmt CFR China on 30 Nov.

�� Iron ore: 65% Fe Brazilian Carajas (Expected) firm offer heard at $83.50/dmt CFR China on 30 Nov, on globalORE, final loading on 8 Nov from Ponta

da Madeira delivery 1-31 Dec to Qingdao, 95,000 mt.

�� Iron ore: 62% Fe Australian Pilbara Blend Fines tradeable value heard from Chinese trader source at IODEX 62% $1.20/dmt CFR China 1-31 Dec Avg

pricing on 30 Nov, loading 10-19 Dec from Dampier to Qingdao, 170,000 mt.

�� Iron ore: 62% Fe Australian Pilbara Blend Fines tradeable value heard from Chinese trader source at IODEX 62% $1/dmt CFR China 1-31 Dec Avg

pricing on 30 Nov, loading 20-29 Dec from Dampier to Qingdao, 170,000 mt.

�� Iron ore: 61% Fe Australian Jimblebar Fines tradeable value heard from Chinese trader source at IODEX 62% -$7/dmt CFR China 1-31 Dec Avg pricing

on 30 Nov, from Port Hedland delivery 1-31 Dec to Qingdao, 90,000 mt.

�� Iron ore: 61% Fe Australian Pilbara Blend Fines tradeable value heard from Chinese trader source at $63.90/dmt CFR China on 30 Nov, from Dampier

delivery 1-10 Jan to Qingdao, 170,000 mt.

(This is a sample of trade and market information gathered by Platts editors as they assessed the daily coking coal, steel, scrap and freight prices. They

were first published on Platts Metals Alert earlier in the day as part of the market-testing process with market participants. For more related informa-

tion about that process and our realtime news and price services, please request a trial to Platts Metals Alert or learn more about the product offering

by visiting www.platts.com/Products/metalsalert)

End of year publishing and assessment schedule for Platts metals price reportingPlatts Metals Daily, Platts SBB Daily Briefing, Platts Steel Price Report and Platts SBB Steel Markets Daily will not publish on Monday, December 24, 2018; Tuesday, December 25, 2018; Monday, December 31, 2018, and Tuesday, January 1, 2019. Platts Metals Week Price Notification Monthly Report will be published on Wednesday, January 2, 2019.

Normal publishing schedules will resume globally on Wednesday, January 2, 2019.

S&P Global Platts offices in the Americas will be closed Tuesday, December 25, 2018, and Tuesday January 1, 2019, while on Monday, December 24, 2018 and Monday, December 31, 2018 the only assessments published will be the US Aluminum Midwest Transaction Premium and US Aluminum Midwest Transaction Price which will follow an early market close on both days at 12.00 p.m. EST.

For those days where there are assessments but no publications the assessments will be available on Platts Metals Alert only.

S&P Global Platts offices in Europe will be closed Monday, December 24, 2018; Tuesday, December 25, 2018; Wednesday, December 26, 2018; Monday, December 31, 2018, and Tuesday, January 1, 2019. There will be an early market close at 12.30 p.m. GMT on Friday, December 21, 2018 and Friday, December 28, 2018. S&P Global Platts offices in Asia will be closed Monday, December 24, 2018; Tuesday, December 25, 2018; Monday, December 31, 2018, and Tuesday January 1, 2019. There will be an early market close at 12.30 p.m. GMT 8 on Friday, December 21, 2018, and Friday, December 28, 2018. For full details of Platts' publishing schedule and services affected, refer to www.spglobal.com.

Please send any comments or questions to [email protected].



trade case status rePortcomplainant duties Product(s) origin(s) status/commentsnorth americaUS Import

tariffSteel Global The US has implemented a 25% tariff on steel imports as of March 2018. The US

has reached agreements with Argentina, Australia and Brazil that will exempt those countries. Turkish tariffs were doubled to 50% as of August 2018.

US Quota Steel US-South Korea An agreement was reached in March 2018 on changes to the US-Korea Free Trade Agreement, also known as KORUS. Imports of steel from South Korea will be subject to a product-specific quota equivalent to 70% of the average annual import volume of such products during the period of 2015-2017.

US Quota Steel Brazil Brazil accepted in May a hard quota system the proposed by the US, which includes a 70% annual limit on finished steel exports to the US based on the average of the past three years. Semi-finished products were eligible for a 100% quota under the same scheme.

US AD HRC China In a final determination in September 2018, Commerce said that China's Baosteel, Shanghai Meishan Iron & Steel, and Union Steel China did not demonstrate the need to be assigned a separate rate and will therefore be subject to the China-wide rate of 90.83%

US AD HRC Australia, Brazil, Japan, Netherlands, Russia, South Korea, Turkey, UK

Final duties of 4.61%-9.49% for South Korea, Netherlands 3.73%, Turkey 4.15%-6.77%, Japan 0.54%-7.64%, Australia 29.58%, Brazil 34.28% and UK 33.06%. Russian duties of 73.59%-184.56%, as of September 2016

US CVD HRC Brazil, Korea, Turkey Final duties applied at 3.89%-58.68% for South Korea and 30.2% for Brazil. Negative determination made regarding Turkey

US AD CRC Brazil, China, India, Japan, Russia, South Korea, UK

The trade commission found no injury from Russian imports. Final duties remain for China 265.79%, Japan 71.35%, Brazil 9.58%-35.43%, UK 5.4%-25.56% and India 7.6%. Japanese light-gauge CRC duties preliminarily revoked. Preliminary duties of 2.78%-36.59% for south Korea.

US CVD CRC Brazil, China, India, South Korea, Russia Final duties at 3.89%-42.61% for South Korea, 256.44% for China, Brazil 11.09%-11.31%, India 10% and Russia 0.62-6.95%

US CVD CRC and corrosion-resistant steel Vietnam/China Final AD and CVD cash deposit rates for CORE produced in Vietnam using Chinese-origin substrate set at 199.43% and 39.05%, respectively, in line with those levied against China. AD and CVD cash deposits on CRC imports at 265.79% and 256.44%, respectively, in line with Chinese rates.

US AD, CVD Galvanized sheet China Commerce found a 199.43% dumping margin and a 39.05%-256.44% range of subsidy rates

US AD Rebar Japan, Mexico, Taiwan, Turkey Final margins of 5.39%-9.06% for Turkey, 206.43%-209.46% for Japan, 0%-0.56% for Mexico and 3.50%-32.01% for Taiwan

US CVD Rebar Turkey Final subsidy for Habas adjusted to 15.99%. No enforceable CVD margins were found for other companies.

US AD Rebar Belarus, China, Indonesia, Latvia, Moldova, Poland, Ukraine

After a third sunset review in October 2018, duties will remain in place at 114.53% for Belarus, 113% for China, 71.01% for Indonesia, 16.99% for Latvia, 232.86% for Moldova, 52.07% for Poland, and 41.69% for Ukraine

US AD Cut-to-length plate South Korea Final dumping margins set at 0.9%-11.64% following administrative review

US AD Cut-to-length plate Austria, Belgium, Brazil, China, France, Germany, Italy, Japan, South Korea, South Africa, Taiwan, Turkey

Final duties affirmed for Austria 53.72%, Belgium 5.4%-51.78%, Brazil 74.52%, China 68.27%, France 6.15%-148.02%, Germany 5.52%-22.9%, Italy 6.08%-22.19%, Japan 14.79%-48.67%, South Africa 87.72%-94.14%, S. Korea 7.1%, Taiwan 3.62%-75.42%, Turkey 42.02%-50%

US CVD Cut-to-length plate Brazil, China, South Korea Final subsidy rates at 251% for China and 4.31% for South Korea . ITC terminated the Brazilian subsidy investigation. Subsidy rate for Jiangsu Tiangong Tools, Tiangong Aihe, Jiangsu Tiangong Group, and Jiangsu Tiangong Mould Steel R&D Center was lowered to 24.04%

US AD Corrosion resistant steel Taiwan Dumping margins adjusted to 1.31%-4.89%, following an administrative review of the June 2, 2016- June 30, 2017 period

US AD Corrosion-resistant sheet China, India, Italy, South Korea, Taiwan Final AD duties of 199.43% for China; India 3.05%-4.44%, Italy 12.63%-92.12%, South Korea 7.88%-8.75% and Taiwan 10.34%

US CVD Corrosion-resistant sheet China, India, Italy, South Korea, Taiwan Final CVD margins of 39.05%-256.44% for China; 8%-29.46% for India; de minimis to 38.51% for Italy; de minimis to 1.19% for South Korea (subject to review) and 0% for Taiwan

US CVD Structural tube Turkey Commerce lowered margins to 9.87%-15.08%

US AD Structural tube Mexico, South Korea, Turkey Final duties of 2.34%-3.82% for Korea, 3.83%-5.21% for Mexico and 14.48%-17.73% for Turkey

US AD Mechanical tube China, Germany, Italy, India, South Korea, Switzerland

Commerce has set final dumping margins of 45.15%-186.89% for China, 3.11%-209.06% for Germany, 8.26%-33.80% for India, 47.87%-68.95% for Italy, 30.67%-48% for South Korea, and 7.66%-30.48% for Switzerland.

US CVD Mechanical tube China, India Final subsidy rate of 18.27%-21.41% for China and 8.02%-42.6% for India

US AD, CVD Welded stainless pressure pipe India Final determination of 0%-12.66% dumping margin, with a 8.35%-10.17% cash deposit. Final subsidy rates of 3.13%-4.65%

US AD, CVD Circular welded carbon-quality steel pipe

Oman, Pakistan, United Arab Emirates Final dumping margins formalized for Oman 7.24%, UAE 5.58%-6.43% and Pakistan 11.8%. Pakistan CVD determination postponed

US AD Circular welded steel pipe and tube Thailand In April 2018 Commerce set preliminary weighted-average dumping margins of 10.66% for Pacific Pipe and 5.34% for Thai Premium Pipe. Final weighted average dumping margins were set in October 2018 at 30.61% for Pacific Pipe Co., 28% for Saha Thai Steel Pipe, and 30.98% for Thai Premium Pipe Co.

US CVD Seamless pipe China Duties extended for further five years. US Dept. of Commerce said early February that net subsidies of 13.66%-56.67% would continue or recur if duties were terminated

US AD Small-diameter seamless pipe Germany ITC affirmed duties will be extended for another five years. In December Commerce determined revocation of the duty would lead to a weighted-average dumping margins of up to 57.72%.

US AD Circular welded pipe China Wheatland Tube has filed an allegation of duty evasion against Chinese producers. dumping margins of 69.20%-85.55% and subsidy rates of 29.62%-616.83% remain in effect.

US AD Circular welded pipe & tube Taiwan After an administrative review of the May 1, 2016 through April 30, 2017 period, a weighted average dumping margin was set at 7.47% for Shin Yang Steel Co., up from1.78%. Commerce found that Taiwan's Yieh Hsing made no shipments during the period of review.



US AD Welded line pipe South Korea Final dumping margins raised to 17.81%-18.77% following administrative review

US AD Welded non-alloy steel pipe Mexico, South Korea Following an administrative review of the November 1, 2015- October 31, 2016 period, Commerce set a weighted-average dumping margin at 48.33% for Maquilacero, while Productos Laminados de Monterrey's dumping margin was set at zero. Final weighted dumping margins were set at 7.71%-30.85% for South Korea.

US AD Seamless standard, line and pressure pipe

Japan, Romania Duties to be extended for another five years. Japan is under duties of 68.88%-107.8% for large and small diameter pipe. Romania faces 11.08%-15.15% for small diameter pipe.

US AD Stainless steel plate in coil Belgium, South Africa, Taiwan ITC determined that AD and CV duties will remain in place

US AD, CVD Stainless sheet and strip China Preliminary AD margins of 63.86% and 76.64%. CVD duties of 57.30%-193.12%

US AD, CVD Stainless sheet and strip Japan, South Korea, Taiwan US International Trade Commission has determined that duties of 57.89% for Japan, 58.79% for Korea and 21.1% for Taiwan will be extended for another five years. South Korea received a 1-4%.64% subsidy rate.

US AD Stainless seamless pipe India Following a changed circumstances review, Commerce set a final weighted-average dumping margin of 30.92% for Viraj Profiles and Venus Wire Industries. The duties will also apply to companies affiliated with Venus Wire.

US CVD Stainless seamless pipe India Preliminary CVD duties of 2.96%-6.21% applied to welded stainless pressure pipe suppliers.

US AD Large-diameter welded line pipe Canada, China, Greece, India, South Korea, Turkey

Final dumping margins set at 132.63% for China and 50.55% for India. Preliminary dumping margins set at 24.38% for Canada, 22.51% for Greece, 14.97%-22.21% for South Korea and 3.45%-5.29% for Turkey.

US CVD Large-diameter welded line pipe China, India, South Korea, Turkey Final rates at 198.49% for China, 541.15% for India. Preliminary margins at 0.01%-3.31% for South Korea, and 1.08%-3.76% for Turkey

US AD Stainless steel wire Japan, South Korea, Taiwan Existing AD duties of 34% will remain after sunset review

US AD Wire rod Mexico After a review in November 2018, preliminary dumping margins were set at 17.56%-40.52%.

US AD Wire rod Belarus, Italy, Russia, South Africa, South Korea, Spain, Turkey, UAE, UK, Ukraine

Final dumping margins at 280.02% for Belarus, 12.41%-18.89% for Italy, 436.80%-756.93% for Russia, 135.46%-142.26% for S. Africa, 41.10% for S. Korea, 84.10% for UAE, 34.98%-44.03% for Ukraine, 10.11%-32.64% for Spain, 4.93%-6.44% for Turkey, 147.63% for UK

US CVD Wire rod Italy, Turkey Commerce finalizes rates at 4.16%-44.18% for Italy. Commerce adjusted the subsidy rate for Habas to 3.88%, from 3.86%. the subsidy rate set for all other Turkish producers has increased from 3.84% to 3.85%.

US AD Stainless steel wire rod India Dumping margins of 48.8% to remain for another five years, after May 2017 sunset review

US AD OCTG South Korea For the September 1, 2016-August 31, 2017 period of review, a preliminary weighted-average dumping margin of 47.62% was set for Nexteel, while SeAH Steel received a preliminary dumping margin of 19.4%. The preliminary rate for all other South Korean OCTG producers and exporters was set at 35.25%.

US AD OCTG Vietnam Final redetermination at a weighted-average dumping margin of 72.25%-111.47%.

US AD OCTG India In November the all others estimated weighted-average final dumping margin was set at set at 11.24%, up from 5.79% and in line with the rate set for India's Jindal SAW Ltd.

US AD, CVD Stainless sheet and strip China Final AD margins of 63.86%-76.64% with cash deposit of 45.26%-58.04%. CVD of 75.60%-190.70%

US AD Light rectangular tubing Taiwan Duties of 40.97% to be upheld for another five years

US AD Light -walled rectangular pipe and tube Mexico US Commerce Department preliminarily determined that imports of light-walled rectangular pipe and tube from Mexico were sold in the US for less than normal value

US AD Heavy -walled rectangular pipe and tube Mexico In an October 2018 administrative review, a preliminary weighted-average dumping margin set at 6.34%. Maquialacero S.A. de C.V.'s dumping margin was set at zero and it was determined that Tuberia Nacional S.A. de C.V. did not make any shipments or sales subject to the review.

Canada Tariff Steel US US steel products are subject to a 25% import tariff

Canada AD, CVD Hot rolled plate India, Russia Countries found not to have dumped in January announcement

Canada AD Plate China The Canada Border Services Agency has decided to continue duties of 27.3%

Canada AD, CVD Line pipes China, Japan Final dumping margin for China of 95% (subsidy rate of 30.3%) and Japan 22.1-95%

Canada AD Line pipes South Korea Final dumping margins of 4.1%-88.1%

Canada AD Welded pipe Taiwan Duties on Chung Hung and Shin Yang removed. Duties against other Taiwanese exporters reduced to 29.6% from 54.2%

Canada AD Welded pipe Pakistan, Philippines, Turkey, Vietnam Preliminary margins of 10.1%-58% for Pakistan, 3.8%-30.1% for the Philippines, 3%-95% for Turkey and 10%-47.7% for Vietnam set in October 2018

Canada AD HRC Brazil, China, Ukraine 77% dumping margins extended for five years from August 2016

Canada CVD HRC India 3,500 rupees/mt ($52/mt) duty extended for five years from August 2016

Canada AD Rebar Belarus, Hong Kong, Japan, Taiwan, Portugal, Spain

Final determinations affirmed at 37.5% for Belarus, Taiwan 0-108.5% , Hong Kong 54-108.5%, Portugal 2.4-108.5%, Spain 37-108.5%, Japan 108.5%

Canada AD, CVD Fabricated structural steel China, South Korea, Spain The Canada Border Services Agency (CBSA) found weighted average dumping margins of 9-45.8% for China, 1.9-45.8% for South Korea and 0-45.8% for Spain. CBSA set CVD of Yuan 152-11,656/mt for China

Canada AD Corrosion-resistant sheet China, India, Taiwan and South Korea Provisional duties set at 7.3%-44.2% for China, 2.5%-24.7% for Taiwan, 8.7%-39.3% for South Korea and 39% for India.

Canada AD, CVD CR coil and sheet China, South Korea and Vietnam China's CRC exports to Canada received a final dumping margin of 91.9% and a subsidy rate of 11.6%, while CRC imports from South Korea received a final dumping margin of 53% and subsidy rate of 11.3%. CRC exports from Vietnam received a final dumping margin of 99.2% and subsidy rate of 6.5%.

Mexico AD Wire rod China Definitive duty of 49 cents/kg

Mexico AD CR sheet China Duties of 65.99%-103.41% imposed

Mexico CVD CR sheet China Duties of up to 103.42% on boron-added imports

Mexico AD Coated sheets China, Taiwan Definite antidumping duties of 22.22%-76.33% for China and 22.26%-52.57% for Taiwan

Mexico CVD HRC Russia, Ukraine Duties of 21% for Russia and 25% for Ukraine extended for further five years

trade case status rePortcomplainant duties Product(s) origin(s) status/comments




Mexico AD Plate Italy, Japan Investigation launched

Mexico AD Plate Russia Duty of 29.3% renewed for another five years

Mexico AD Seamless pipe Japan Existing duty of 99.9% renewed

Mexico AD Welded tube China Final duties of $0.356-0.618/kg on imports of welded steel tube shipped by Chinese exporters, regardless of the country of origin

Mexico AD Seamless tubes India, South Korea, Spain, Ukraine Investigation launched in December 2016

Mexico CVD Seamless tubes India, South Korea, Spain, Ukraine Definitive duties of 20.67 cents/kg for India, 13.12 cents/kg for South Korea, 37.85 cents/kg for Spain, and 17.01 cents/kg for Ukraine.

Mexico Import tariff Slabs, plates, HRC, CRC, wire rod All suppliers Temporary import tariff of 15% extended for another six months

South americaArgentina AD Welded and seamless pipes China Commission of Foreign Trade has imposed a 26% ad valorem anti-dumping tariff

Argentina Export tariffAll exports, including steel All domestic exporters For primary products, for every $1 exported, a duty of Argentinian Pesos 4 is charged, while for finished products, for every $1 exported a duty of Pesos 3 is charged.

Colombia AD Wire rod China Provisional duties extended for two months in February

Colombia AD Casing and tubing pipes China Duties extended for three years , as of June 20. 15% AD corresponding to the difference between the base price of $2,388.23/mt FOB and the FOB price value declared by the importer

Colombia AD Carbon steel welded tubes China Provisional antidumping duty of 20%

Chile AD Wire rod All countries (China major importer) except Canada, Mexico, Peru and developing countries that account for no more than 3% of Chile's rod imports

CNDP extended provisional antidumping duties of 18.1%-40.6%

Chile AD Rebar Mexico Investigation launched March 2018

Chile AD Steel bars for grinding balls production China Definitive duty of 8.2%-22.9%

Peru AD Tubes China Duties imposed for three years from April 2015

Peru AD Rebar Brazil, Mexico Investigation launched

Brazil AD Heavy plate China Duties of $211.56/mt extended to chrome-added and titanium-added heavy plate.

Brazil AD HR bars China Investigation launched in January 2017

Brazil AD Rebar Turkey Case started in January 2016, no timeframe disclosed

Brazil AD Seamless pipes China Camex studying an extension of the $743/mt duty

Brazil AD Steel wire, alloyed steel flat bar China The Ministry of Industry has set duties of $199.19/mt-$505.56/mt for imports of high-carbon steel wire and a duty of $495.73/mt on Chinese imports of alloyed steel flat bar

Brazil AD Austenitic stainless steel tubes Malaysia, Thailand, Vietnam Duties of $367/mt-$740.02/mt for Malaysia,$747.56/mt for Thailand, and $782.11/mt-888.27/mt for Vietnam.

Brazil AD Seamless pipes China, Romania Duties extended for five years, until August 2022. China subject to $743/mt duty and Romania subject to an ad valorem tariff of 14.3% over the CIF price

Brazil CVD Hot-rolled flat steel China Camex trade secretariat has imposed a duty of up to $425.22/mt for five years. Camex has delayed the tariff for up to one year.

Costa Rica Safeguard duties

Rebar All suppliers investigation launched

Europe & TurkeyEU Safeguard

dutiesSteel products All suppliers The European Commission has imposed provisional safeguard measures on steel under

the form of a tariff rate quota.

EU AD HR plate and seamless tubes China Final duties for heavy plate set at 65.1-73.7%

EU AD HRC Brazil, Iran, Russia, Ukraine Definitive fixed duties per ton added on to the CFR price once the material arrives in Europe. €53.40-63.00/mt for Brazil, €57.50/mt for Iran, €17.60-96.50/mt for Russia and €60.50/mt for Ukraine

EU AD,CVD HRC China AD & CVD total 18.1%-35.9% for China

EU AD CRC China, Russia Definitive retroactive duties of 19.7%-22.1% for China and 18.7%-36.1% for Russia

EU AD Corrosion-resistant coated steel China Final duties of 17.2%-27.9%

EU AD Rebar China, Belarus Definitive duties of 18.4%-22.5% for China, with no retroactive duties. Definitive duty of 10.6% for Belarus. Deposits collected under the provisional duties are to be released for certain Belarusian rebar exempt from the definitive duties.

EU AD Grain-oriented electrical steel China, Russia, South Korea, US Definitive duties were set at 21.5%-36.6% for China, Japan 35.9%-39.0%, Korea 22.5%, Russia 21.6% and US 22.0%

EU AD Stainless CR China, Taiwan The Commission ends absorption investigation without adjusting duties imposed in August (China 24.3%-25.2%, Taiwan 6.8%)

EU AD Butt-weld tube & pipe fittings China Duties in place since 1996 extended

EU AD Seamless pipe China Final duties of 29.2%-54.9%

EU AD Seamless pipe & tube Russia, Ukraine After an expiry review in October 2018, the European Commission has decided to continue duties of 12.3%-25.7% for Ukraine and 24.1%-35.8% for Russia

EU AD Hollow sections, pipe & tube Macedonia, Russia and Turkey Investigation launched October 2018

EU AD HDG China Provisional anti-dumping duties of 17.2%-28.5%

EU AD Stainless steel seamless pipe China EU Commission has extended duties of 48.3%-71.9%

EU AD,CVD Organic coated sheet China Expiry review initiated for dumping duties of 5.9%-26.1% and countervailing duties of 13.7%-44.7%

EU AD Sheet piles China Investigation launched

EU AD Wire rod China Final duties of 24% set in 2008

Turkey AD Heavy plate China Final duties of 16.89%-22.55%

Turkey AD, CVD HRC China, Russia, Ukraine Petition filed in October 2016

Turkey Import duty

HRC All suppliers Duty reduced to 3.5% from 5% for re-rollers, effective Jan 1. General HRC import duties kept unchanged at 9%.

Turkey AD Seamless pipe China Final dumping margin of $100-120/mt



Turkey AD PPGI China Final dumping margin determined at 23.4%

Turkey Import duty Rebar Third country imports Duty reduced to 0%, effective Jan 1. Duty continues at 0% for EU and countries with which Turkey has free trade agreements.

Turkey Safeguard duties

Steel flats, longs, pipes, stainless products and railway equipment

All suppliers Turkey has decided to impose safeguard duties in the form of a tariff rate quota--a 25% duty if established quotas are exceeded are effective October 17 2018.

CIS

Eurasian Economic Union

AD HDG sheet Ukraine & China Investigation launched in July 2018

Ukraine AD Wire rod & rebar Russia Final duty of 51.21%, effective February 28 2018

africa & middle East

Morocco Safeguard duties

Rebar, wire rod All imports Duties of dirham 0.55/kilogram extended by three years from December 2015. Tonnage allowed in duty-free rises by 10% per year

Morocco Safeguard duties

CRC, coated sheet All imports Duty rates are 22% for 2015, 20% for 2016, 18% for 2017 and 16% for 2018

Egypt Safeguard duties

Rebar All imports for three years from May 2015 Tariff of 8%

Egypt AD CRC Belgium, China, Russia, Investigation launched in October 2016

Egypt AD Rebar China, Turkey, Ukraine Temporary duties of 17% for China, 10-19% for Turkey and 15-27% for Ukraine to be maintained for another five years from December 6 2017

Iran Import duties

HRC & CRC (all thickness), plate, longs and semi-finished products

All suppliers Duties on most long products at 26%; duties on HRC & CRC at 10%-20%; duties at 5% for semi-finished products; API grade plate decreased to 10% from 15%, tinplate tariff reduced to 15% from 26%

Iran Export duty Iron ore pellet All suppliers 15% duty applied to exports

Saudi Arabia Export duty Steel All exporters Saudi Arabia’s Ministerial Provisioning Committee has suspended duties on steel exports for two years

South Africa Safeguard duties

HR coil & plate All suppliers Duties of 22% in 2017, 20% in 2018 and 18% in 2019

asiaTaiwan AD Hot-dip galvanized coil/sheet China, South Korea Final duties in the range of 4.22%-77.3%, with producers from South Korea hit with the

heaviest penalty of 77.3%.

Taiwan AD Heavy plate Brazil, China, India, Indonesia, South Korea, Ukraine

Final duties of 30.29%-59.73% for China, Brazil 31.1%, India 25.85%, Indonesia 46.84%, South Korea 8.66%-80.5% and Ukraine 26.57%

South Korea Import tariff

Stainless steel bars Italy, Taiwan In September 2018 tariffs of 9.68-18.56% were set for Taiwan and 11.02-13.08% for Italy.

Taiwan AD Steel products China Investigation launched

South Korea AD Stainless steel plate Japan The Korea Trade Commission has requested the Ministry of Trade extend 13.17% duty for three years

South Korea AD Galvanized steel wire China Final duty of 8.6% for five years, as of May 2018

Thailand AD HRC Brazil, Iran, Turkey Final duties of 34.4% for Brazil, Iran 7.25%-38.27% and Turkey 6.88%-38.23%, effective for five years from May 16 2017

Thailand AD HDG coil/sheet China, South Korea, Taiwan Investigation launched in September 2016

Thailand AD Pickled and oiled HRC South Korea Investigation announced on February 4. Sahaviriya Steel Industries alleges a dumping margin of 22.11%

Thailand AD Al-Zn alloy coated sheet Vietnam Final duties of 6.20%-40.49% levied

Thailand AD Painted HDG, Painted Al-Zn alloy steel Vietnam Final duties of 4.3%-60.26% levied

Thailand AD Mild HRC, pickled coil & HR plate China, Malaysia Duties of 30.91% for China and 23.57%-42.51% for Malaysia extended for another five years, effective June 23 2017

Thailand AD Welded pipe China, South Korea Final duties of 3.22%-66.01% for China and 3.49%-53.88% for South Korea, effective for five years from July 19 2017

Thailand AD Alloy-added high-carbon Wire rod China Final duties of 12.26%-36.79%, effective from December 22 2016, for five years

Thailand AD Low-carbon Wire rod China Duties of 12.81%-31.15% no longer apply to products under the single HS code of 7227.9000.090

Thailand AD HRC 14 countries including South Korea, Japan, India, Taiwan, Russia

AD duties of 3.45%-128.11% extended for five years from May 2015.

Thailand AD Stainless steel pipes China, South Korea, Taiwan, Vietnam Duties of 310.74% for Vietnam, South Korea 11.96%-51.53%, China 145.31% and Taiwan 2.38%-29.04%

Thailand Safeguard duties

Alloy-added H-beam All suppliers Final duties will span two years, at an initial rate of 31.43% for the first year and 31.05% thereafter. 180 countries exempt

Malaysia AD HRC China Duties of 6.35%-12.19% imposed in February 2015

Malaysia AD CRC China, South Korea, Vietnam Final duties of 3.78%-23.78% for China, 3.78%-21.64% South Korea and 3.06%-13.68% Vietnam

Malaysia Safeguard duties

HR plate All suppliers Safeguard duties extended for further three years in July 2016

Malaysia Safeguard duties

Rebar, wire rod, deformed bar-in-coil 42 countries including China, Japan, US and EU countries

Rebar 13.42% in year one, down to 12.27% & 11.10% in years two & three; Wire rod & bar-in-coil 13.90% in year one, down to 12.90% & 11.90% in years two & three

Malaysia Import duties

Rebar, wire rod Importers 5% import tariff reinstated in June

Malaysia AD Color coated coil China, Vietnam Duties of 00.6% to 52.10% (all Chinese exporters) imposed in January

Malaysia AD CR stainless coil & sheet China, South Korea, Taiwan, Thailand Final duties of 2.68%-23.95% for China; 4.44%-7.27% for South Korea (Hyundai BNG Steel and Hyundai Steel Company are excluded); 2.79%-14.02% for Taiwan (China Far Industrial Factory and Yieh United Steel Corporation (YUSCO) are excluded ); 22.86%-111.61% for Thailand.




Vietnam AD CR plate China, Taiwan, Indonesia, Malaysia Duties imposed in September 2014

Vietnam Safeguard duties

Color coated sheet All importers Investigation launched in July 2016

Vietnam AD HDG and aluminium/zinc-coated steel China, South Korea Final duties of 3.17%-38.34% for China and 7.02%-19% for S. Korea, for five years effective April 14

Vietnam AD HDG, coated sheet China (including Hong Kong), South Korea Temporary duties of 4.02%-38% for China and 12%-19% for South Korea applied in September

Vietnam AD Wide-flange beams China Final duties of 20.48%-29.17%, effective September 5 2017

Vietnam AD PPGI/PPGL color-coated products China, South Korea Investigation launched October 2018

Indonesia Import duties

All upstream steel products Most Favored Nations including India, South Korea, Japan, CIS, Latin America

HRC, CRC, plate & wire rod duties raised to 15%; galv & coated sheet raised to 20%; rebar raised to 17.5%

Indonesia AD Color-coated sheets China & Vietnam Indonesia has decided not to implement anti-dumping measures, citing national interests.

Indonesia Safeguard duty

Aluminium/zinc-coated sheet (Galvalume)

All suppliers Duties extend for three years. Initial rate of INR 2,891,858/mt will fall to INR 2,186,030/mt in year two and to INR 1,480,202/mt in year three.

China AD Grain-oriented electrical steel EU, Japan, South Korea Provisional AD duties of 39%-45.7% for Japan, 14.5%-29.5% for South Korea and 46.3% for EU mills

China Export duty Billet All suppliers Duty is reduced to 15% from 20%, effective January 1 2017.

Japan AD Carbon steel butt welding parts China, South Korea Preliminary dumping margins of 43.41%- 73.51% for South Korea and 60.84% for China

India AD HR coil, sheets and plates China, Japan, South Korea, Russia, Brazil, Indonesia

Final duties equivalent to the difference between the CFR Mumbai price and the reference price of $478-489/mt on HRC and $561/mt on HR sheets and plates

India AD Stainless CR South Korea, Taiwan, Thailand, South Africa, US

Duties extended for further five years until 2020. Investigation into claims exporters are circumventing duties

India CVD HR, CR stainless flat products China Unfair trade investigation opened into Jan-Dec 2015 period

India AD HRC, CRC All importers India has pushed the response deadline for it HRC & CRC AD investigations to June 20

India AD CRC China, Japan, South Korea, Ukraine Final duties equivalent to the difference between the CFR Mumbai price and the reference price of $576/mt CFR Mumbai, effective for five years from August 17, 2016

India Safeguard duties

Hot rolled sheet, plates All importers Duties applied at 10% on imports of hot rolled sheets and plates of thickness 150mm or less and width 600mm and more, for 1 year

India AD Alloy and non-alloy color-coated/pre-painted flats

China, EU Investigation launched

India AD Seamless pipes and tubes China Duties of $961.33-$1,610.67/mt on popular grades of seamless tubular products imported from China.

India AD Hot rolled alloy and non-alloy steel bars and rods

China Finance ministry imposed at minimum price on import of $449-538/mt for six month, effective November 2 2016

India AD Coated/pre-painted steel 6mm+ China, EU Margins of 50%-60% for China and 70%-80% for EU

India AD Straight length alloy steel bars and rods China Duties ranging from $44.89-$185.51/mt imposed for five years effective October 2018

India Tariff Iron and steel products US Tariffs in the range of 20%-25% for several steel and iron products, including some flat-rolled steel

India AD Non-cobalt grade, high-speed steel Brazil, China, Germany Investigation launched

Pakistan AD CRC China, Ukraine Preliminary duties of 8%-19% imposed on January 13, final ruling by June 13

Pakistan AD Wire rod China Investigation launched in October, preliminary determination by mid-April

Pakistan AD Billet China Duty maintained at 15%

Pakistan AD Rebar China Preliminary dumping margin of 52.52%

Pakistan AD CRC China, Ukraine Provisional duties of 13.17%-19.04% on imports from thirteen companies based in China and Ukraine

Pakistan AD Color-coated steel China, South Africa Duties of 5.36%-10.88% for China and 14.24% for South Africa

australia

Australia AD, CVD Rebar China Preliminary dumping duties of 5%-24% imposed ahead of final ruling in March, CVD probe to start

Australia AD, CVD Rebar Turkey Investigation launched in November 2018

Australia AD Wire rod China Final AD duty on Hunan Valin Xiangtan Iron & Steel of 44.1%, Shagang rod 37.4%, and all other Chinese exporters 53.1%

Australia AD Rebar Singapore, South Korea, Spain, Taiwan Dumping duties of up to 14.3% imposed on the four countries in November

Australia AD Rebar Spain Review opened for the 3-8.2% dumping measures applied in 2015

Australia AD Rebar Greece, Indonesia, Spain (Nervacero SA), Taiwan (Power Steel) and Thailand

Preliminary duties of 42.1% for Greece, 0.0%-12.2% for Indonesia, 7.5% for Spain’s Nervacero S.A, 4.4% for Taiwan’s Power Steel, and 9.6%-12.2% for Thailand

Australia AD Chrome-plated bar Italy, Romania Romania receives definitive AD duties of 22.4%-66.9%

Australia AD Hollow structural sections India, Thailand, UAE Duties of 5.7%-29.7% for Thailand. Probe into India and UAE cancelled

Australia AD Wire rod Indonesia, Taiwan Duties of 10.1% on Indonesian exporters and 2.7% on Taiwanese exporters imposed in June 2015

Australia AD Quenched & tempered plate Finland, Japan, Sweden Duties imposed in November 2014

Australia AD ERW pipes China, Malaysia, South Korea, Taiwan Dumping duties imposed in 2012 continued (China also subject to CVD duties)

Australia AD HDG China, Taiwan Australian AD Commission initiated two reviews of duties in September

Australia AD HDG sheet/coil India, Malaysia, Vietnam Duties of 7.6%-12% for India; 14.5%-16.5% for Malaysia; 8.4%-14.2% for Vietnamese exporters, except Hoa Sen Group and Nam Kim Steel JSC

Australia CVD HDG sheet/coil India CVD of 5% for JSW and 3.6% for Essar. Other exporters subject to a subsidy margin of 5.9%.

Australia AD Alloy steel bar China Investigation launched in January 2017

Source: Compiled by S&P Global Platts, updated weekly


Documents

SBB STEEL MARKETS DAILY · 2018. 12. 2. · Steel margins were expected to have a greater impact on procurement preferences than technical needs. "Large-scale purchases of Pilbara