The European Commission plans to impose duties ranging from 25% to 50% on Chinese steel and related products in the next few weeks, the German business newspaper Handelsblatt reported, citing senior officials in Brussels.
The European Commission had no immediate comment.
Earlier this month, European Commission President Ursula von der Leyen said the European Commission would propose a new method of limiting steel imports to protect domestic producers, as global overcapacity reduces profitability and makes it difficult to invest in the European steel industry. decarbonization.
She added that the Commission would propose a new long-term trading instrument that would replace expiring steel guarantees. According to world trade rules, the European Union cannot extend existing steel guarantees beyond mid-2026.
Meanwhile, China's steel exports are expected to reach a record high this year, rising 4-9% to about 115-120 million metric tons, according to analysts' forecasts.
More than half of the world's steel is produced in China, which needs new markets after a prolonged downturn in the real estate sector led to lower consumption in the domestic market.
Approximately 54 tariff and other trade barriers were imposed on Chinese steel in 2024, according to information on China's trade protection measures, analysts say increased exports will contribute to further restrictions.
European steel producers are also facing 50 percent U.
S. tariffs.
In late July, the European Union began monitoring imports and exports of scrap metal, including steel, aluminum and copper, after harsh warnings from the industry about shortages and the risk of smelters shutting down.
The EU's smelters have been experiencing difficulties for some time now in securing the supply of scrap metal, which is an important contribution and an integral part of the bloc's efforts to reduce carbon dioxide emissions.
Reporting by Christoph Steitz in Frankfurt and Katha Kaliya in Bangalore; editing by Nick Zieminski and Krishna Chandra Eluri
Reuters.com
