The European Union (EU) Commission has imposed ‘definitive’ anti-dumping duties on corrosion resistant steel from China until 2022.
A probe had already led to imposition of provisional duties in August last year. However, further investigation has now confirmed that Chinese producers were dumping the product in the EU market. This duties will range from 17.2% to 27.9%.
Corrosion resistant steel is mainly used in the construction industry, for mechanical engineering, in the production of welded pipes and tubes and in the manufacturing of domestic appliances.
In fact, 20 percent of the corrosion resistant steel demand for the EU market that is pegged at €4.6 billion has been supplied by Chinese producers.
The current measure 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 EU ecpnomy, and occupies a central position in global value chains. It accounts for a huge job pool to thousands of European citizens.
The global surplus in steelmaking capacity has driven down steel prices to unsustainable levels in recent years and had a damaging impact on the steel sector, as well as related industries and jobs.
The EU is using the full potential of its trade defence toolbox to ensure a level-playing field for its producers and their ability to maintain jobs in the sector.
Currently, 53 measures are in place on steel and iron products, including 27 on Chinese products.