Subsidies demanded: Has the EU reopened Pandora's box?
Subsidies demanded: Has the EU reopened Pandora’s box?

2 April 2024 – Has the EU reopened Pandora’s box with its massive subsidies to the steel industry? Industry associations outside the EU are increasingly demanding more money from the state. And nickel and stainless steel prices are rising in Asia.

Subsidies demanded: Has the EU opened Pandora’s box again?

Has the EU reopened Pandora’s box with its massive subsidies to the steel industry? At least that seems to be the case if you look at the increasingly loud calls from industry associations outside the European Union for state aid for the steel industry.

Turkish industry association calls for EU-style state aid

The most recent example is the Turkish Aegean Exporters’ Associations (eib), which has called on the Turkish state to pump European-style subsidies into the domestic steel industry and strengthen its competitiveness in the long term.

Will EU subsidy mania come back like a boomerang?

The EU, which currently ranks second in terms of steel production capacity and is considered the unofficial world champion in hidden subsidies, may have literally reopened Pandora’s box in the global battle for subsidies. Time for a course correction?

Asian nickel and stainless steel prices rise

Asian nickel futures, as well as spot market prices, have risen by more than 2% today. LME nickel also started the trading day up by around 1%.

At the same time, there are also reports from other Asian regions, such as Taiwan, that stainless steel prices for April have been raised there.

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