Steel nail duties will remain in effect after USITC vote
For those in the steel nail market – especially those in the construction industry, who are already facing soaring lumber costs – an announcement this week offers no price relief.
With volatile steel markets, knowing which strategy to execute and when can mean the difference between saving money and losing money. Find out how MetalMiner examines different market scenarios.
Existing rights to steel nails remain
This week, the United States International Trade Commission (USITC) voted to maintain countervailing duties and anti-dumping orders on imports of steel nails from a number of countries. The decision was taken as part of a five-year sunset review.
The revocation of existing anti-dumping and countervailing orders on imports of steel nails “would likely result in the continuation or recurrence of material injury within a reasonably foreseeable period of time,” argued the USITC.
The ruling targeted imports from Korea, Malaysia, Oman, Taiwan and Vietnam.
Meanwhile, in April, the US Court of International Trade upheld anti-dumping duties on certain steel nails from China.
Housing Starts Slide
Speaking of construction, housing starts in the United States fell in April, posting the largest drop since the start of the COVID-19 pandemic.
Private housing starts hit a seasonally adjusted annual rate of 1,569,000 in April. This marked a 9.5% drop from March.
Meanwhile, for those struggling to find a home in what has been a decidedly seller’s market, April has not favored the housing supply. Single-family housing starts in April reached a rate of 1,087,000. This was 13.4% lower from the previous month.
In addition, private housing completions in April were down 4.4% from the previous month.
Builders continue to face material shortages and soaring prices, especially for lumber.
Here on MetalMiner, we’ve explored the factors behind what has been an allocation market for steel and other materials.
There are many indications that current market conditions will persist until the end of the year. However, buyers of metals will want to be prepared when conditions start to improve.
On Thursday, May 27, the MetalMiner team will host the next installment of its monthly webinar series. During the webinar, titled “Road signs to watch for when the allocation market / severe shortages end, âthe MetalMiner team will review the key metrics buyers will want to pay attention to in order to be ready to adjust their trading strategies. purchase accordingly.
To register for the next webinar, visit the registration page here.
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