US plans to impose higher duties on Russian HRC imports

ALBANY (Scrap Monster): According to reports, the US steel industry is considering to revoke the trade agreement with Russia with regards to imports of hot rolled steel from that country.

The deal concluded between the US and Russia after the Cold War had protected Russian steelmakers from higher anti-dumping duties on Hot Rolled Coils (HRC). Instead, the agreement had set a cap on HRC imports from Russia and a minimum price for imports, which industry experts believe is too low. The minimum price as per the agreement was last revised in 2012.

The steel companies in the US have long been demanding complete waiver or at least revision of these exemptions to the benefit of domestic steel industry.

According to estimates, the imports of hot rolled steel products have jumped significantly higher during the three-month period from February through April this year. The imports during the period surged higher by nearly 162% when compared with the imports during the previous three-month period. The huge rise in import volumes may force US administration to either terminate or modify the free trade agreement with Russia.