Antidumping and countervailing duty investigations on imports of sugar from Mexico will continue, after the International Trade Commission on May 9 found that imports of Mexican may be injuring U.S. industry. The commission's vote was unanimous. The investigations will now proceed to the phase where Commerce makes its preliminary determination, at which point it can begin requiring cash deposits of estimated AD/CV duties.
A listing of recent antidumping and countervailing duty messages from the Commerce Department posted to CBP's website May 8, along with the case number(s) and CBP message number, is provided below. The messages are available by searching for the listed CBP message number at http://adcvd.cbp.dhs.gov/adcvdweb.
The Commerce Department published notices in the May 8 Federal Register on the following AD/CV duty proceedings (any notices that announce changes to AD/CV duty rates, scope, affected firms, or effective dates will be detailed in another ITT article):
The Commerce Department issued the final results of the antidumping duty administrative review on multilayered wood flooring from China (A-570-970). These final results will be used to set final assessments of AD duties on importers for entries between May 26, 2011 and Nov. 30, 2012. Armstrong and Minglin were found not to have dumped subject merchandise during the period of review, so entries from these two companies during the period under review will not be assessed AD duties, and future entries from Minglin and Armstrong will not be subject to AD duty cash deposit requirements until further notice. New AD duty cash deposit rates set in this review will take effect May 9.
The Commerce Department made a preliminary affirmative antidumping determination that grain-oriented electrical steel (GOES) from the Czech Republic (A-851-803) is being sold in the U.S. at less than fair value. The agency will impose AD duty cash requirements on entries of GOES from the Czech Republic effective May 9.
Mexico's Diario Oficial of May 7 lists notices from the Secretary of the Economy as follows:
The Commerce Department made a preliminary affirmative antidumping determination that monosodium glutamate from Indonesia (A-560-826) is being sold in the U.S. at less than fair value. Commerce is directing CBP to suspend liquidation and require cash deposits of estimated AD duties on MSG from Indonesia, effective for subject merchandise entered on or after May 8.
The Commerce Department made a preliminary affirmative antidumping determination that monosodium glutamate (MSG) from China (A-570-992) is being sold in the U.S. at less than fair value. The agency will impose AD duty cash requirements for all Chinese companies, and will make cash deposit requirements retroactive 90 days because of a preliminary finding of "critical circumstances." The new cash deposit requirements take effect for all entries on or after Feb. 7.
Nvidia reported results earlier than planned for Q1 ended April 27, saying profit soared 75 percent from Q1 last year, while revenue increased 16 percent. Profit grew to $136.5 million, or 24 cents a share, from $77.9 million, or 13 cents. Revenue increased to $1.1 billion from $954.7 million. That was in line with Nvidia’s Q1 forecast of $1.1 billion, “plus or minus” 2 percent (CED Feb 14 p9). Profit declined 7 percent and revenue fell 4 percent from Q4. Gross margin grew to 54.8 percent from 54.3 percent in Q1 last year, while operating expenses grew 4 percent to $452.8 million. Nvidia provided no other Q1 details or an earnings forecast. It had planned to report the results Thursday, but reported them two days earlier after a preliminary draft of the results was “inadvertently” emailed to an internal distribution list of about 100 people, it said in a news release. Nvidia’s results “preannouncement” was “made to mitigate legal risk,” said FBR Capital Markets analyst Christopher Rolland. Revenue in Q1 “outperformed” his estimate by about $50 million and gross margin was also better than the 54.4 percent he expected, likely due to the mix of chips sold in Q1, he said. That “may indicate revenue outperformance in higher-end graphics cards,” and also in Nvidia’s Quadro and Tesla chips, he said. There’s a “possibility” that Nvidia will provide a “poor” forecast when it reports full Q1 results on Thursday, but Q1 results were “better than expected on almost every line item,” he said. Rolland said he was “surprised” that Nvidia shares were trading lower after the announcement. Nvidia shares closed 2 percent lower Tuesday at $18.25.
The Commerce Department issued the final results of the antidumping duty administrative review on lined paper products from India (A-533-843). These final results will be used to set final assessments of AD duties on importers for entries between September 2011 and August 2012. New AD duty cash deposit rates set in this review will take effect May 7.