Is the European Commission distancing itself from the EU steel lobby? The EC seems to have a new focus when deciding on a possible extension of EU Safeguard measures. Which a recent video with Executive Vice President Vladis Dombrovskis suggests (video in article). Chinese rebar prices for South Korea up 50%. And actual metal news from LME and SHFE.
Is the EC moving away from the EU steel lobby?
On May 11, 2021, Vladis Dombrovskis, Executive Vice-President outlined the EU Trade Policy in the post COVID19 period. He was also asked about the future of the EU Safeguards on steel. Surprisingly, the EC focus was no longer on the wishes of the European steel producers and their lobby organization EUROFER.
Vladis Dombrovskis explained that all available data was currently being collected and evaluated. And more than 600 submissions regarding Safeguard had been received. When asked when a decision on a possible Safeguard extension could be expected, EVP Dombrovskis said: “We expect this decision being somewhere late may presumably”.
It was noteworthy that Vladis Dombrovskis put a new focus on possible countermeasures by other states when deciding on the future of Safeguard measures. He argued that if Safeguard is extended beyond 3 years, the EU would leave itself vulnerable and thus EU goods could be hit by further tariffs.
Vladis Dombrovski’s comments on an EU Safeguard decision can be found in the video starting at minutes 52 and 15 seconds.
Source: iiea.com
China raises Rebar prices for South Korea
After a month with no new offers from China, current rebar prices for South Korean imports from China are up 50% from March 2021. This is reported by S&P Global Platts.
Source: spglobal.com
Prices on commodity exchanges seem to stabilize
Three-month copper on the London Metal Exchange fell 0.2% to $10,324 a ton by 0317 GMT, down 0.9% on a weekly basis, the first decline since the week ended April 2.
The most-traded June copper contract on the Shanghai Futures Exchange fell 1.3% to 75,000 yuan ($11,634.40) a ton.
LME aluminum rose 0.5% to $2,463.50 a ton, nickel added 0.3% to $17,370 a ton and zinc rose 0.3% to $2,928.50 a ton.
In Shanghai, aluminum fell 0.7% to 19,575 yuan a ton, nickel dropped 1.5% to 128,500 yuan a ton, while lead slipped 2% to 15,100 yuan a ton.
Source: lme.com, shfe.cn.com
Read also:
- Stainless Espresso: Scrap prices over 500 $ per ton
- Stainless Espresso: EU steel prices up again – no more spot offers
- Stainless Espresso: Nickel stable again after profit taking
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