EU imposes anti-dumping duties on stainless steel from China and Taiwan

Wed Mar 25, 2015 10:40am EDT
 
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By Philip Blenkinsop

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

The EU will apply tariffs of up to 25.2 percent for sheet, coil and strip imports from China and up to 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 ($678 million) 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.

Imports from the two countries more than tripled from 2010 to 2014, 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.

They are in line with those reported by Reuters earlier this month.

Shares in European stainless steel makers rose -- Outokumpu's by 1.6 percent and Aperam's by 3.9 percent, bringing their gains since the Reuters report to at least 25 percent. Acerinox shares were up 2.1 percent.

Jefferies analyst Seth Rosenfeld said the tariffs would probably not end imports from China, but were high enough to have a considerable impact.   Continued...

 
A stainless steel product line is seen at a factory of Baosteel Group Corp., China's biggest steel maker, in Shanghai July 6, 2010. REUTERS/Aly Song