“Customers who recently booked HRC are desperate,” a Brazilian trader told Steel First. “Some are considering cancelling recent deals.”
On July 20, Brazil started an anti-dumping investigation
into HRC imports from China and Russia, according to the country’s foreign trade secretariat, Secex.
Russian goods were entering the country with a dumping margin of 74.10% and Chinese material with a dumping margin of 49.10%.
Local market participants consider the adoption of an anti-dumping duty at the end of the investigation to be “highly likely”.
“[Brazilian] mills believe a provisional tariff will be imposed by as early as November,” a trader said.
A second trader admitted that the chances of Brazil setting a final duty are high, but disagreed with the timeframe.
“I don’t think that an investigation can end in less...