EghtesadOnline: The European Union has decided to set fixed duties for hot-rolled coil imported from Iran, as well as HRC from Brazil, Russia and Ukraine, after a complaint by EU manufacturers that the product used for construction and machinery was being sold at excessively low prices.
The EU will levy anti-dumping tariffs of between €17.6 and €96.5 ($20.6-112.8) per ton from Saturday, the EU’s official journal said on Friday, Reuters reported.
The European Commission had initially proposed setting a minimum import price on HRC from Iran, Russia, Ukraine and Brazil. Suppliers from these four countries were required to pay anti-dumping duties in the range of 5.30-33% if they sell their products for less than €468.49 ($561.06) per ton at EU border ports. The EC, however, revised its proposal after failing to secure backing from EU member states.
Among the companies subject to tariffs were Mobarakeh Steel Company with a duty of €57.5 per ton and Ukraine’s Metinvest Group at €60.5 per ton, alongside the Brazil arms of ArcelorMittal and Aperam, both of which also produce in Europe, Cmpaniha Suerugica Nacional, Usinas Siderugicas de Minas Gerais and Gerdau-at rates of between €53.4 and €63.0 per ton, Financial Tribune reported.
Rates for Russian producers also varied from €17.6 for PAO Severstal, €53.3 for Novolipetsk Steel to €96.5 per ton for MMK.
The commission also ended its investigation into Serbian steel imports without proposing measures.
According to Metal Bulletin, EU domestic prices for HRC have been stable over the past week, as buyers waited for the announcement of the definitive decision by the EC.
As a result, Metal Bulletin’s weekly price assessment for domestic HRC in Northern Europe was €520-540 ($610-634) per ton ex-works on October 4, unchanged week-on-week. The assessment represented deals and “workable” prices heard in the market.
European steelmakers are likely to use the final decision in the HRC trade case to support their demands for transaction price rises, according to market sources.
However, any positive effect on domestic HRC prices from the trade defense measures is unlikely to be seen in the short run. The mills are largely sold out for the fourth quarter and buying activity will traditionally start to decline by the yearend.
Metal Bulletin’s weekly price assessment for domestic HRC in Southern Europe was €510-540 per ton ex-works on October 4, also unchanged over the week.
Its weekly price assessment for HRC in Central Europe remained at €520-530 per ton ex-works on October 4, reflecting offers heard in the market.
The assessment for HRC imported into Northern Europe was also unchanged at €520-540 per ton CFR main ports this week, compared with €530-540 per ton CFR last week.
Suppliers from India and Asia have been offering material at prices within the assessment range.
The assessment for similar products imported into Southern Europe was €520-540 per ton CFR main ports on October 4, down from €540-550 per ton ex-works last week. Indian mills have been offering HRC to Southern Europe at €520-525 per ton CFR main ports, while Turkish steelmakers have asked for €540 per ton CFR.