EU to levy duties on Chinese steel
Print Edition
THE European Union will impose anti-dumping duties from today on imports of cold-rolled flat stainless steel from China’s mainland and Taiwan, according to a notice yesterday in the Official Journal of the EU.
The EU will apply tariffs of up to 25.2 percent for sheet, coil and strip imports from the mainland and up to 12 percent for Taiwan’s product, following a complaint lodged in May 2014 by the European steel producers association, Eurofer.
Eurofer has said China’s mainland and Taiwan shipped 620 million euros (US$678 million) of cold-rolled stainless steel to the EU in 2013, some 17 percent of the overall market, and were guilty of dumping.
Imports from the two regions more than tripled from 2010 to last year, Eurofer said, because of overcapacity there rather than market growth in Europe.
The duties, set by the European Commission, are provisional pending the outcome of an investigation due to end in September.
Jefferies analyst Seth Rosenfeld said the tariffs would probably not end imports from China, but were high enough to have a considerable impact.
He said planned closures should push capacity utilization at European steelmakers to over 80 percent in 2017 from 64 percent in 2014, with a further boost from lower imports.
Eurofer said they would not limit rivalry, with ample supply from other non-EU countries.
The import tariff has been set at 24.3 percent for Shanxi Taigang Stainless Steel Co and Tianjin TISCO & TPCO Stainless Steel Co, 24.5 percent for other cooperating companies, and at 25.2 percent for Baosteel Stainless Steel Co, Ningbo Baoxin Stainless Steel Co and other Chinese mainland companies.
For Taiwan producers, the rates are 10.9 percent for Tang Eng Iron Works Co, Yieh United Steel Corp (Yusco) and cooperating firms, and 12 percent for Chia Far Industrial Factory Co and other firms that did not cooperate with the EU probe.
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