Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EU to impose anti-dumping duties on China, Taiwan stainless steel

Published 25/03/2015, 08:23
Updated 25/03/2015, 08:23
© Reuters. A stainless steel product line is seen at a factory of Baosteel Group Corp in Shanghai

© Reuters. A stainless steel product line is seen at a factory of Baosteel Group Corp in Shanghai

By Philip Blenkinsop

BRUSSELS (Reuters) - The European Union will impose punitive anti-dumping duties from Thursday on imports of stainless steel cold-rolled sheet from China and Taiwan, according to a notice on Wednesday in the EU's Official Journal.

The EU will apply tariffs of about 24-25 percent for imports from China and of about 11-12 percent for Taiwanese product, following a complaint lodged in May 2014 by the European steel producers association, Eurofer.

Eurofer has said China and Taiwan shipped 620 million euros (455 million pounds) of cold-rolled stainless steel into the EU in 2013, some 17 percent of the overall market, and were guilty of dumping, or selling at unfairly low prices.

The duties, set by the European Commission, are provisional pending the outcome of an investigation due to end in September.

The figures are in line with those reported exclusively by Reuters this month.

The import tariff has been set at 24.3 percent for China's Shanxi Taigang Stainless Steel Co (SZ:000825) and Tianjin TISCO & TPCO Stainless Steel Co, 24.5 percent for other cooperating companies and at 25.2 percent for China's Baosteel Stainless Steel Co (SS:600019), Ningbo Baoxin Stainless Steel Co and other Chinese companies.

For Taiwanese manufacturers, the rates are 10.9 percent for Tang Eng Iron Works Co, Yieh United Steel Corp (Yusco) <9957.TWO> and cooperating companies and at 12.0 percent for Chia Far Industrial Factory Co and other companies that did not cooperate with the EU investigation.

A parallel investigation into alleged illegal subsidies for Chinese producers is also due to end in September.

© Reuters. A stainless steel product line is seen at a factory of Baosteel Group Corp in Shanghai

Europe's largest stainless steel producers are Acerinox (MC:ACX), Outokumpu (HE:OUT1V) and Aperam (AS:APAM) (LU:APAM).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.