Like in the United States, steelmakers in the European Union are using their trade laws to fight back against steel imports that are unfairly subsidized by the governments in China and other countries. On Aug. 9, the European Union imposed provisional import duties of up to 28.5 percent on certain Chinese corrosion-resistant steels.
EU Wields Trade Laws Against Chinese Imports
The eight-month investigation was triggered by a complaint from Eurofer, the European steel trade association, whose members include ArcelorMittal, ThyssenKrupp and Tata Steel Europe.
Jefferies, the investment bank, estimates that Chinese imports of coated, corrosion-resistant steel into the EU have surged 45 percent this year and make up 51 percent of total EU imports of the product. EU regulators found that antidumping duties were needed to help producers in at least 15 EU countries raise prices and return to profitable operations.
The EU import duties, ranging from 17.2 percent to 28.5 percent, will affect Hesteel Group, Shougang Group, Shagang Group and several other companies.
The ruling on corrosion resistant steel imports follows closely the European Commission’s June 9 decision to impose countervailing duties of up to 35.9 percent on certain hot-rolled steel imports from China.
Since March 2016, the EU has put 12 antidumping measures in place, most of them on Chinese products.
Last May, the U.S. Department of Commerce imposed antidumping and countervailing duty rates in excess of 200 percent on certain Chinese corrosion-resistant products.
Tim Triplett is the executive editor of Steel Market Update. Tim joined SMU after 20 years as editor-in-chief of Metal Center News Magazine. A journalist and business writer for 40 years, Tim holds an MBA from Aurora University. Tim can be reached at Tim@SteelMarketUpdate.com or by phone at 630-513-5916.Website: https://www.steelmarketupdate.com