EU imposes import duties on some Chinese steel to counter subsidies

2017-08-11 11:31:00 Policy,  International reuters.com

The European Union has imposed provisional import duties of as much as 28.5% on certain Chinese corrosion-resistant steels after an eight-month investigation found that the products benefited from unfair subsidies, Reuters reported on August 10.


The August 9 decision by the European Commission followed a complaint by steel association Eurofer whose members include ArcelorMittal, ThyssenKrupp and Tata Steel Europe.


Imports of Chinese coated, corrosion resistant steel have surged 45% this year and make up 51% of total EU imports of the product, according to data cited by investment bank Jefferies.


"With Voestalpine (VOES.VI), Thyssenkrupp and ArcelorMittal leading exposure to galvanised (corrosion resistant) steel, today's news is a positive catalyst for boosting domestic market share and margins," Jefferies analysts said.


The EU has hit China, which produces half the world's steel, with anti-dumping duties on various steel products in recent years after EU companies cited illegal subsidies.


The EU executive body said anti-dumping duties were necessary to help producers in at least 15 EU countries, according to an announcement published in the bloc's Official Journal on August 9.


"It was provisionally concluded that the imposition of measures would contribute to the recovery of the Union industry by allowing price increases enabling the industry as a whole to return to a profitable situation," the Commission said in a statement.


The EU import duties, ranging from 17.2% to 28.5%, will affect Hesteel Group, Shougang Group, Shagang Group and several other companies.


The companies can challenge the EU decision at a hearing within 25 days.


(Writing by Tammy Yang   Editing by Harry Huo)
For any questions, please contact us by inqury@fwenergy.com or +86-351-7219322.

Editors Recommendations

1 Vessel queue drops sharply at China's pivot coal terminal after New Year holiday 2018-02-22

Vessel queue substantially reduced at China's largest coal terminal Qinhuangdao after the Lunar New Year holiday, data showed from sxcoal.com, indicating low demand of rebuilding stocks from utilities

2 Vale's iron ore output hit record high in 2017 2018-02-22

Brazil's Vale, the world's largest iron ore miner, said on February 16 that output of the steelmaking material hit a fresh record high in 2017 thanks mainly to the outstanding performance of its so-ca

3 China thermal coal market possibly resilient after New Year holiday 2018-02-22

China's spot market of thermal coal has large odds to keep as buoyant as the pre-holiday level in the short run, owing mainly to pick-up of demand from power and other industrial sectors and tight rai

4 QHD coal stocks staying below 6 Mt during holiday 2018-02-22

Coal stocks at northern China's Qinhuangdao port – a barometer for domestic thermal coal market – stayed below 6 million tonnes during the Spring Festival holiday ending February 21, with inbound and

5 Colombia coal output down 1.2% in 2017 2018-02-22

Colombia, the world's fifth-largest exporter of coal, produced 89.4 million tonnes in 2017, down 1.2% compared with 90.5 million tonnes in 2016, the Energy and Mining Ministry said in a statement on F

6 Weekly China coal market news summary (Feb 11 –Feb 14) 2018-02-14

8th Global Coking Coal Resource & Market Summit to be held in Beijing mid Apr China's coking coal market regained strength in mid-2017 and hit a multi-year high in January 2018, backed by

7 China Jan power coal price index up 3.89% on month, NDRC 2018-02-14

China's monthly-issued price index of power coal stood at 549.12 yuan/t in January, up 12.93 yuan/t or 2.41% month on month and 20.58 yuan/t or 3.89% year on year, showed data from the National Develo

8 Wind energy installations continue to grow, WWEA 2018-02-13

The overall capacity of all wind turbines installed worldwide by the end of 2017 reached 539.291 GW, preliminary showed statistics from World Wind Energy Association (WWEA). A WWEA report

9 China wind power installation may slow down in 2018 2018-02-13

China is likely to install less wind power capacity in 2018 after a significant contraction last year, experts expected, which seems to be linked to a large slowdown in northern areas.

10 China will crack down on illegal coal mining in 2018, safety watchdog 2018-02-13

China will carry out “special action” in 2018 to crack down on illegal coal mining to ensure safe mine operations and reduce output capacity, the State Administration of Work Safety said in a statemen

Most Read Articles

1 Holiday Notice – Spring Festival 2018-02-14

Please kindly note that we will be on holiday from Thursday February 15 to Wednesday February 21 for the Spring Festival, the grandest holiday in China for family reunion. There will be n

2 Indian government takes steps to boost coal supplies to power plants 2018-02-14

In order to boost coal supplies to power plants, the government of India has decided on various steps including the use of dedicated rail transportation and setting up of power projects only within 50

3 China's import coal market shows signs of weakening on muted trades 2018-02-13

China's import thermal coal market showed signs of weakening after stabilizing for one week or so, as few Chinese utilities seek the material abroad after domestic power demand dropped significantly b

4 China Jan power coal price index up 3.89% on month, NDRC 2018-02-14

China's monthly-issued price index of power coal stood at 549.12 yuan/t in January, up 12.93 yuan/t or 2.41% month on month and 20.58 yuan/t or 3.89% year on year, showed data from the National Develo

5 Weekly global coal market news summary (Feb 11 –Feb 14) 2018-02-14

China urges U.S. restraint on steel imports China has expressed concerns over excessive protectionism in the steel sector by the United States, and urged it to show restraint in a probe into ste

6 China coastal coal freight rates down to multi-mth low 2018-02-13

Freight rates for shipping coal from northern China ports to the south suffered a sharper decline from the second half of last month, data showed from industry portal sxcoal.com. Historic

7 China's thermal coal supply will be guaranteed during Lunar New Year, NDRC 2018-02-12

Thermal coal supply for electricity generation purpose will be guaranteed and power consumption won't be affected during the Lunar New Year holiday, China's top economic planner the National Develo

8 China wind power installation may slow down in 2018 2018-02-13

China is likely to install less wind power capacity in 2018 after a significant contraction last year, experts expected, which seems to be linked to a large slowdown in northern areas.

9 China Coal Energy Jan commercial coal output down 7.1pct on yr 2018-02-14

China Coal Energy Co., Ltd, the listed arm of China National Coal Group, produced 6.11 million tonnes of commercial coal in January, down 7.1% year on year but up 10.29% month on month, said the com

10 Global thermal coal demand will outpace supply in 2018, Noble analyst 2018-02-14

Global thermal coal demand will outpace supply in 2018, leading to a strong market driven by rising demand from top buyers India and China, the chief coal analyst at Noble Resources said on February 1