[Ferro-Alloys.com] China's domestic vehicle sales surged 12% year on year in August and were expected to continue rising through the traditional September-October peak season as government stimulus policies, including the expansion of new energy vehicle initiatives into the countryside, increase buying interest for both passenger and commercial vehicles, the China Association of Automobile Manufacturers said Sept. 10.
The US Department of Commerce adopted a final rule Sept. 11 to modernize the Steel Import Monitoring and Analysis (SIMA) system, it said in a statement.
The regulatory changes adopted in the final rule will require steel import license applicants to identify not only the country of origin, but also the country where steel used in the manufacture of the imported product was melted and poured.
It also expands the scope of steel products subject to the import licensing requirement to include all products subject to Section 232 tariffs, and extends the SIMA program indefinitely, Commerce said.
Stronger-than-expected demand for Brazilian steel following the peak of the coronavirus pandemic, along with a massive temporary shutdown of crude steel capacities, forced a slower-than-expected supply response in the domestic market. The ongoing imbalance between supply and demand has prompted price hikes totaling about 20% since June.