EU introduces import duties on Chinese steel

Almaty. August 11. Silkroadnews – The European Union introduces import duties on Chinese corrosion-resistant steel, Reuters reported.
“The European Union has imposed provisional import duties of as much as 28.5 percent on certain Chinese corrosion-resistant steels after an eight-month investigation found that the products benefited from unfair subsidies”, the report said.
Reportedly, the decision by the European Commission was made after a complaint by the steel association Eurofer, whose members include ArcelorMittal, ThyssenKrupp and Tata Steel Europe.
Data by the investment bank Jefferies show the import of Chinese corrosion resistant steel have grown 45% this year and accounted for 51% within the total volume of EU imports, the agency said.
“With Voestalpine, Thyssenkrupp and ArcelorMittal leading exposure to galvanized (corrosion resistant) steel, today's news is a positive catalyst for boosting domestic market share and margins”, it quoted Jefferies analysts saying.
With this it is also noted, the EU’s executive body said anti-dumping duties are necessary to help producers in at least 15 EU countries to compete the Chinese steel which is cheaper due to the subsidies.
“It was provisionally concluded that the imposition of measures would contribute to the recovery of the Union industry by allowing price increases enabling the industry as a whole to return to a profitable situation”, the Commission quoted saying.
The EU import duties growth from 17.2% to 28.5% will affect the Hesteel Group, Shougang Group, Shagang Group and several other companies.
The companies can challenge the EU decision within 25 days.