Korean OCTG producer Nexsteel has initiated a legal challenge in the
US Court of International Trade over the DOC’s newly implemented 24.92 percent dumping margin on
US import OCTG casing from that company.
According to the complaint, attorneys for Nexsteel are arguing that the DOC’s final results are unsupported by substantial record evidence; Hyundai Steel Company and Husteel have also petitioned for relief. The latter two companies were also negatively impacted by determined dumping margins; both companies went from 8 percent dumping margins to 14 percent dumping margins.
Yesterday, the court granted an injunction to prevent the
US from liquidating the funds from the new anti-dumping rates.
“It’s amazing the injunction came within 30 days of the initial finding,” one source said. “At this point, the injunction means the
US can still collect higher dumping margins but they can’t do anything with that money until all of this gets sorted out with the court, which could still take between 6 and 12 months.”
In terms of imports, Korean mills are still offering quietly, sources say; prices for unfinished,
US import J55 ERW OCTG casing from Korea in the
US domestic market are being heard between $42.50-$44.00 cwt. ($937-$970/mt or $850-$880/nt), DDP loaded truck in
US Gulf coast ports, but as with last week, those prices “are before the implementation of the new dumping margins.”