5 July 2022 – The inclusion of certain Chinese stainless steel products in the updated EU Safeguard Quotas raises dark forebodings. Are EC and EUROFER now planning to double anti-dumping duties on Chinese stainless steel? Nickel prices in Asia are rising again. And the US government will decide this week on Section 301 tariffs against Chinese imports.
Dark omen, will stainless steel anti-dumping duties double?
With the conclusion of the EU Safeguard review, China has been included in the other countries quota for some stainless steel products. According to the EC, this was due to a massive increase in imports from China in this area. This measure could turn out to be a dark harbinger of further actions by the European Commission, but also by EUROFER.
Will EU anti-dumping duties against Chinese stainless steel be doubled?
With regard to existing anti-dumping measures against Chinese stainless steel products, here is the request for an interim review of the existing measure after one year – which should be the case shortly. Or possibly, to shorten the process significantly, a so-called anti-absorption review could be triggered. In an anti-absorption review, the EC would have the possibility to at least double the existing anti-dumping duties against Chinese stainless steel imports.
Is the anti-absorption review against Chinese stainless steel imports coming?
Both review variants would be conceivable in view of the increased stainless steel imports from China. We would be surprised if the Commission and EUROFER did not take action here. If the legal framework is right, an anti-absorption review might even be the most likely option in view of the implementation period.
Nickel prices rise again
Nickel briquette prices in China rose by more than 3.2% today. Spot prices for nickel metal also increased by about 3%. At the same time, nickel premiums also saw an increase of more than 3%.
Some of the SHFE nickel futures gained more than 2.5% today. Nickel on the LME was up more than 4.8% yesterday.
US: Decision on Section 301 Tariffs against China expected
The US media expect a decision this week on the Section 301 tariffs against China, which still exist from the Trump era. President Joe Biden had announced that the tariffs could be reduced if possible.
Steel and aluminium excluded
US Commerce Secretary Gina Raimondo already said last month that the administration had decided to keep tariffs on steel and aluminium, but was considering dropping them on other products.
WTO ruling on US steel and aluminium tariffs postponed
The WTO has also just announced in the conflict over US steel and aluminium tariffs that a ruling on the issue will have to be postponed until at least the last quarter of 2022. The World Trade Organisation said the situation was too complex. Several countries, including Norway, Switzerland, India and Turkey, had appealed to the WTO regarding the US tariffs and demanded a decision.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
