By Paul Ploumis 02 Sep 2015 Last updated at 06:31:23 GMT
BRUSSELS (Scrap Monster): The Brussels based European steel body-EUROFER has applauded the definitive duties imposed by the European Commission (EC) on imports of stainless steel products from China and Taiwan. According to EUROFER, the measure assumes great significance, considering the long term implications caused by dumping of these products into the European market.
According to Regulation 2015/1429 published late August by the EC, the EU will charge tariffs ranging from 24.3% to 25.3% for sheet coil and strip imports from China. An AD duty of 6.8% will be charged for stainless steel imported from Taiwan. Meantime, EUROFER has withdrawn a parallel complaint into alleged subsidies for Chinese stainless steel producers. The complaint was withdrawn on the grounds that there is no possibility of further tariffs being imposed, as the present tariff itself is at the highest level possible.
The EC has time until September 25th to impose the tariffs.
As per estimates, the combined shipments of cold-rolled stainless steel by China and Taiwan during entire year 2013 had totaled 620 million euros ($686 million). The imports from these countries together accounted for 17% of the overall market. Also, figures indicate that imports from these two countries more than tripled during the period from 2010 to 2014. EUROFER notes that the stainless steel market in the region has not witnessed corresponding growth during the period, thereby squeezing the profit margins of domestic producers.
The EUROFER also urged the Commission to remain vigilant onj possible attempts by exporters from China and Taiwan to circumvent the measure.