27 July 2022 – EC launches anti-circumvention investigation against stainless steel imports from Turkey. Suspicion: deliberate circumvention of anti-dumping measures against hot rolled stainless steel sheets and coils originating in Indonesia. Economic booster: European energy transformation needs investments of 10 trillion USD. And in China, iron ore and steel prices are rising again.
Anti-circumvention investigation against hot rolled stainless steel sheets and coils
Yesterday, 26 July 2022, the European Commission officially launched an anti-circumvention investigation against hot rolled stainless steel sheets and coils from Turkey originating in Indonesia. It is alleged that imports from Turkey are circumventing the anti-dumping measures imposed by case AD658 against Indonesia.
The anti-dumping proceeding was initiated following a complaint lodged by EUROFER, the association of European steel producers. The case is expected to be concluded in the next 9 months and all imports of SSHR from Turkey will be registered with immediate effect on the instructions of the EC.
European Energy Transformation: 10 Trillion USD Investment
Analysts at Goldman Sachs have calculated that the European Union would have to invest about 10 trillion USD in the expansion of its energy sector by 2050 in order to put the system on a new footing. An investment of more than 2% of the Union’s gross domestic product (GDP).
Investment of 350 billion USD per year
From 2030 onwards, about 350 billion USD per year would have to be invested to achieve this goal. A huge project that, according to Goldman Sachs, could secure the European energy supply for the future.
One sticking point in the Goldman Sachs report is that the EU would continue to be dependent on natural gas, especially in the form of LNG imports and long-term contracts, for the next 20 years.
Overall, however, it remains to be said: If this were not a real economic booster, what would be?
China: Steel prices pick up, monsoon time over
Chinese steel prices have picked up again in recent days. And iron ore prices have also been rising for several days. This is due to a significant increase in car sales in China, but also to the fact that the monsoon season with its heavy rainfall is over, which generally leads to a significant revival of the Chinese economy.
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