October 14, 2021 – Taiwan has announced its intention to introduce a carbon pricing mechanism by 2023 along the lines of the EU’s carbon border tax (CBAM). Chinese metal imports increased significantly in some cases in September. Copper prices up by more than 10%. Decline in Chinese steel exports. Is there now only hope in the U.S.-EU steel dispute?
Taiwan to introduce Carbon Pricing Mechanism by 2023
In response to the planned European Carbon Border Tax CBAM, the Taiwanese Environmental Protection Administration (EPA) has announced its intention to introduce a carbon pricing mechanism based on EU regulations. This is to be adopted in the next legislative session together with the Greenhouse Gas Reduction and Management Act and a net zero emission target for 2050.
With EPA, additional taxes will be levied on CO2-intensive products from Taiwanese production. The amount is not yet known.
Chinese metal imports rise in September 2021
Chinese imports increased significantly in some areas in September. Steel imports rose by almost 18.5%. Copper ore imports were up over 11%, for copper intermediates. This clearly boosted copper prices, which had already risen by more than 11% in October.
In addition, coal and hard coal (+17.2%) were increasingly imported into China.
In contrast, Chinese steel exports fell by more than 2.6%. Imports of iron ore products also fell by almost 2%.
U.S.-EU optimism in steel dispute declines noticeably on both sides
While the United States is only hoping for a solution in October, EU trade chief Vladis Dombrovskis is also only moderately optimistic about an end to the steel and aluminium dispute. Hope has rarely been a reliable plan in the past and moderate optimism not a driver for real success. At the same time, steel producers continue to increase pressure for the continuation of measures on both sides.
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