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Steel shares swoon as Korea steel dumping ruling seen as not enough
Apr. 12, 2017 11:20 AM • SA Editor Carl Surran
Steel stocks (SLX -3.3%) are broadly and sharply lower following a Commerce Department finding that South Korean steel producers have been unfairly dumping oil country tubular goods.
The department increased duties on oil country tubular goods to a range of 2.76%-24.9% from a previous range of 4%-6.5%, but investors may have expected duties of 30%-40%.
Axiom's Gordon Johnson says steel market pundits were expecting higher taxes on Korean imports and now believe that “protectionist White House” sentiment may have been misplaced.
Johnson notes the last time South Korea was hit with Commerce duties in 2014, there was virtually no impact to actual imports and prices for oil country tubular goods tumbled following the decision.
X -7.6%, AKS -5.3%, STLD -2.6%, NUE -2.9%, MT -5.4%, RS -1.8%, CLF -6.1%, CMC -2.5%, WOR -2.6%, TS -3.5%, SCHN -4.9%, TMST -4.1%.
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