EU Commission raises import duties on Chinese steel

The European Commission said on Thursday, April 6, it had set higher anti-dumping duties on hot-rolled flat steel products from China.

The commission, which represents 27 EU member states, said it had set final duties of between 18.1 and 35.9 percent for Chinese steel producers. This includes Bengang Steel Plates Co., Handan Iron & Steel Co., and Hesteel Co.

The rates are up from the 13.2 to 22.6 percent set back in October, when the European steel association Eurofer lodged a complaint on behalf of EU producers ArcelorMittal, Tata Steel, and ThyssenKrupp.

The commission said in a statement that the measures should shield EU steelmakers from the effects of Chinese dumping.

It will not impose provisional duties on the same product from Brazil, Iran, Russia, Serbia, and Ukraine, for now.

The commission will continue investigation of imports from these countries for another six months.

In the context of business and international trade, dumping is a kind of predatory pricing. It is when a country or company exports a product at lower price in a foreign market than the price charged in the domestic market. It gives an unfair advantage to the exporting party, and harms the manufacturers in the importing country.

 
 
 
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