18 June 2025 – A few days ago, the EU Commission notified the WTO of intended changes to the EU safeguard measure on certain steel products – but did not inform anyone else? Aluminium prices remain robust and are rising. Alleged oil price crisis only created by the media?
Aluminium prices robust and rising
Aluminium prices on the Asian SHFE rose by 1.35% today. On the European LME, aluminium prices are robust at the start of trading today and are up approximately 4.6% compared to the previous month.
Oil price crisis just media hype?
The conflict situation in the Middle East has been repeatedly used in recent days to point to significantly rising oil prices. However, the fact that prices had previously been artificially depressed by a deliberate increase in crude oil supply on the world markets is regularly ignored or marginalised. In principle, an increase in crude oil prices in June has been observed since at least 2019, with the only exception being 2022, when the price level was still above USD 100 per tonne. Thus, the conflict is likely to have corrected the crude oil price to the level that would actually be expected for June 2025.
Is the Commission changing the EU safeguard measure through the back door?
On 11 June 2025, the EU Commission had already declared its intention to the World Trade Organisation (WTO) to make changes to the European safeguard measure on certain steel products. Surprisingly, the Commission’s notification to the WTO was made exclusively in French.
WTO notification provides for relaxation of product category 17
Even though the Commission’s proposal provides for a more extensive and welcome relaxation of the safeguard measure for product category 17 for angles, shapes and sections, the EU’s lack of transparency in this case must once again be viewed critically.
Is the Commission working behind the backs of interested parties?
Neither were the interested parties involved in the last EU safeguard review informed in advance about the upcoming changes, nor has there been any announcement in the Official Journal of the EU about the intended relaxation. Furthermore, consultations in this case were offered exclusively to WTO members.
Overall, this is another good example of why the European Commission and its behaviour are not particularly popular and are rightly facing growing criticism.
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