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Reuters

The European Union will impose anti-dumping duties from Thursday on imports of cold-rolled stainless steel sheet from mainland China and Taiwan, according to a notice in the EU’s Official Journal.
The EU will apply tariffs of up to 25.2 per cent for imports from mainland China and up to 12 percent for Taiwanese product, following a complaint lodged in May 2014 by the European steel producers association Eurofer.
Eurofer has said mainland China and Taiwan shipped 620 million euros of cold-rolled stainless steel into the EU in 2013, some 17 per cent of the overall market, and were guilty of dumping, or selling at unfairly low prices.
Imports from the two markets more than tripled from 2010 to 2014, Eurofer said, because of overcapacity there rather than market growth in Europe.
The duties, set by the European Commission, are provisional pending the outcome of an investigation due to end in September.
Seth Rosenfeld, analyst at Jefferies, said the tariffs would probably not end imports from China, but were high enough to have a considerable impact in the coming months.
As imports fall you should see an effect both on market share and in terms of reduced pricing pressure, as the Chinese historically undercut Euro producers
Seth Rosenfeld, Jefferies
He estimates that planned closures should push capacity utilisation rates to over 80 per cent in 2017 from 64 per cent in 2014, with a further boost from reduced imports.
“As imports fall you should see an effect both on market share and in terms of reduced pricing pressure, as the Chinese historically undercut Euro producers. Base prices should improve as a result,” he said.
Eurofer, welcoming the duties, said they would not limit competition, with an abundance of supply from other non-EU countries.
The import tariff has been set at 24.3 per cent for Shanxi Taigang Stainless Steel and Tianjin TISCO & TPCO Stainless Steel, 24.5 per cent for other cooperating companies and at 25.2 per cent for Baosteel Stainless Steel, Ningbo Baoxin Stainless Steel and other mainland Chinese companies.
For Taiwanese manufacturers, the rates are 10.9 per cent for Tang Eng Iron Works, Yieh United Steel Corp (Yusco) and cooperating companies and at 12 per cent for Chia Far Industrial Factory and other companies that did not cooperate with the EU investigation.
 


EU to impose anti-dumping duties on cold-rolled stainless steel sheet from mainland China, Taiwan

Mainland China and Taiwan shipped 620 million euros of cold-rolled stainless steel into the EU in 2013. Photo: Reuters

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