18 April 2023 – The European Commission has announced the final results of the anti-circumvention investigation against hot rolled stainless steel from Indonesia via Turkey and extends the anti-dumping measure. European gas prices are stabilising more and more. And the global stainless steel market continues to warm up.
EC extends anti-dumping measure to stainless steel from Turkey
The European Commission (EC) has announced the results of the anti-circumvention investigation against imports of certain hot rolled stainless steel sheets and coils originating in Indonesia to imports of certain hot rolled stainless steel sheets and coils consigned from Türkiye, whether declared as originating in Turkey or not.
Anti-dumping duties at 17.3
As already expected, the EC comes to the final conclusion that circumvention of the anti-dumping measure against SSHR from Indonesia via Turkey has taken place and thus extends the measure to Turkey. Henceforth, 17.3% anti-dumping duties will be imposed on corresponding products from Turkey.
The EC rejected requests for an exemption from some Turkish exporters.
European natural gas prices continue to stabilise
Natural gas prices stabilize as European natural gas delivery for one month dropped to approximately 42 euros per megawatt hour on the Dutch TTF.
Low gas consumption in March
This decline is attributed to a decrease in gas consumption in the European Union (EU) in March, which was 18 percent below the seasonal five-year average. As a result, the storage stocks in the EU were filled to 56.2 percent of total capacity at the end of the heating season, the highest level in over a decade. The EU aims to fill storage facilities to at least 90 percent by the end of October, which requires approximately 28 billion cubic meters of natural gas, significantly less than last summer’s 39 billion cubic meters acquired from non-Russian sources.
Further decline in inflation expected
With current import levels, the storage facilities are expected to be filled by the end of August, keeping natural gas prices lower than last summer. This has positive economic effects by reducing inflation and easing the burden on energy-intensive industries.
Global stainless steel market is warming up
In the meantime, other media also report that the global stainless steel market is showing signs of warming up as several regions in Asia, including Taiwan, have increased their stainless steel prices in response to the recent pickup in China’s market. This positive momentum is expected to expand to the European and North American markets in the near future.
Taiwan’s stainless steel prices have followed rebound
Spot market prices for stainless steel in China, as well as Shanghai Futures Exchange (SHFE) stainless futures, have been rising for several days, and nickel prices in both Europe and Asia have also increased, indicating a gradually stronger price tendency in the global markets. Taiwan’s stainless steel prices have followed suit with the prices rebounding in China.
- Nickel up almost 10% since the beginning of April
- CBAM: The big dirty hole in the EU CO2 tax
- EU stainless steel anti-dumping measure against China and Taiwan extended
- Asian stainless steel market gains further momentum
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