Ryan’s Notes
August 1, 2014

Russia Out, Venezuela in

Consumers were mostly back at ease this past week following the reaffirmation of 0% anti-dumping duty on Russian ferrosilicon by the US Department of Commerce (DOC), while the body issued a 22.84% duty on Venezuelan ferrosilicon. The United States International Trade Commission (ITC) held its public hearing this past week as well, while its final determination will be released on September 8, 2014, the first business day following its September 7 deadline. There will be no final determination from the ITC on Russia due to the DOC's negative final determination.

Business was likely to emulate activity seen over the past several months, although spot movement was generally limited in the past week. Some market participants noted that increased competition among Chinese imports could place additional pressure on the averages in the coming weeks, as buyers resume normal business operations.

Meanwhile, in the past week, the US and Europe placed additional sanctions on Russia with regard to rising tensions and fighting in eastern Ukraine. The sanctions target the financial, dual-use equipment, arms, and oil production equipment sectors. Some market participants voiced concern regarding further escalation that could be detrimental to the mining and metals industries, although concerns were generally expressed out of abundance of caution and not due to any imminent threat.