HALISTER: EU Imposes Five-Year Tariffs on Chinese Hot-Rolled Coil Steel

EU Imposes Five-Year Tariffs on Chinese Hot-Rolled Coil Steel

(Bloomberg) -- The European Union imposes five-year tariffs against China on a kind of steel known as hot-rolled coil in bid to ease competition for EU producers including ArcelorMittal and Thyssenkrupp.
  • The duties as high as 35.9% punish Chinese exporters such as Wuhan Iron & Steel and Angang Steel for allegedly selling hot-rolled coil in the EU below-cost, a practice known as dumping
  • The European Commission, the 28-nation EU’s trade authority in Brussels, announces the levies in bloc’s Official Journal
  • In a separate EU dumping case involving hot-rolled coil from Russia, Ukraine, Serbia, Iran and Brazil, the commission decides against any provisional anti-dumping duties as it continues its investigation
  • NOTE: The five-year “definitive” measures against China, due to take effect on Friday, follow provisional EU anti- dumping duties as high as 22.6% introduced in October on Chinese hot-rolled coil and mark the end of a dumping inquiry begun in February 2016
  • NOTE: Oct. 7, 2016: China Faces More EU Tariffs on Steel Amid Overcapacity Worry Link

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
000898 CH (Angang Steel Co Ltd)
MT NA (ArcelorMittal)
600005 CH (Wuhan Iron & Steel Co Ltd)
TKA GR (thyssenkrupp AG)
0629846D BB (European Commission)

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