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01/05/2015
EU Launches Investigation Into Chinese Steel
An anti-dumping investigation has been launched by the European Commission into large amounts of High Fatigue Performance (HFP) Chinese steel imported into the EU.
The review is underway due to a complaint submitted by EUROFER over increased demand for the softening Chinese steel.
The Organisation for Economic Co-operation and Development (OECD) has estimated massive excess capacities of the Chinese steel are around 400 million tonnes, fuelled by state control and financial assistance.
Imports from China have increased significantly over the last two years, from 0 in 2012 to 250,000 tonnes in 2014.
The market for HFP Rebar in the UK expanded significantly during this period. However, the market share of European produced HFP rebar fell by a third.
Director General of EUROFER, Axel Eggert, stated the situation "was no longer sustainable."
He added: "Appearing for the first time in the EU in 2013, in only 2 years Chinese HFP rebars took a fourth of the market facilitated by price opportunistic trading.
"Like most of its steel trade partners, the EU is acting against the unfair Chinese imports which we welcome.
"When trade remedies are justified, they should be imposed in as timely and effective a manner as possible – just like other trade partners do."
(LM)
The review is underway due to a complaint submitted by EUROFER over increased demand for the softening Chinese steel.
The Organisation for Economic Co-operation and Development (OECD) has estimated massive excess capacities of the Chinese steel are around 400 million tonnes, fuelled by state control and financial assistance.
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Imports from China have increased significantly over the last two years, from 0 in 2012 to 250,000 tonnes in 2014.
The market for HFP Rebar in the UK expanded significantly during this period. However, the market share of European produced HFP rebar fell by a third.
Director General of EUROFER, Axel Eggert, stated the situation "was no longer sustainable."
He added: "Appearing for the first time in the EU in 2013, in only 2 years Chinese HFP rebars took a fourth of the market facilitated by price opportunistic trading.
"Like most of its steel trade partners, the EU is acting against the unfair Chinese imports which we welcome.
"When trade remedies are justified, they should be imposed in as timely and effective a manner as possible – just like other trade partners do."
(LM)
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