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Russian HRC exporters might be affected by US anti-dumping duties


According to Vedomosti, US authorities are considering introducing antidumping duties on Russian HRC. This is just a pre-emptive notification at this point, and negotiations on possible adjustments to the minimum price settlement are in progress.

We would not like to overestimate the negative impact of this potential step. In the first place, the US market is a key one for Russian steel exporters volume-wise (1mnt annual quota allowed by US for Russian steel is exercised at only around 20%). At the same time, Russian steel makers are highly exposed to the US steel market; however, this is done via its US based assets, which are not subject to antidumping measures as they are considered as local players. Secondly, the implementation of protection measures could well be a lengthy process and could eventually result in Russian and CIS steel prices recovering relative to US steel prices, which have been in better shape this year.

Igor Lebedinets, Victor Drozdov
VTB Capital analyst


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