Saturday 10 February 2018

EU slaps import tax on Chinese corrosion-resistant steel

The European Commission has imposed definitive anti-dumping duties on corrosion-resistant steel from China.

The announcement follows its investigation confirming Chinese producers were “dumping” the product on the EU market.

The measures that will be put in place for the next five years range from 17.2% to 27.9% - similar to the tariffs already set on a provisional basis last August.

Corrosion resistant steel is mainly used in the construction industry, for mechanical engineering, in the production of welded pipes and tubes and the manufacturing of domestic appliances.

The value of EU market for corrosion resistant steel is estimated for €4.6 billion (£4bn), 20% of which has been supplied by Chinese producers.

The Commission stated: “Today’s measures will counter the downward pressure on sales prices that has been causing financial problems for EU producers, based mostly in Belgium, France, Poland and the Netherlands.

“The steel sector is a vital industry for the European Union’s economy and occupies a central position in global value chains, providing jobs for hundreds of thousands of European citizens.”

Around 53 measures are now in place on steel and iron products, including 27 on products from China.