The European Commission has imposed new import duties on various types of hot-rolled steel coils and strips from Egypt, Japan and Vietnam following the conclusion of its recent anti-dumping investigation.
The Commission reported that the new duties, which were introduced on September 25, range from 6.9% to 10% of total imports. up to 30%. However, materials of Indian origin that were included in the investigation will not be subject to the duty after the Commission found no evidence of their burial. Vietnam's Hoa Phat Group, meanwhile, would receive a 0% rate as it demonstrated its export prices were in line with normal market value.
The complaint of the European Steel Manufacturers Association, Eurofer, on June 24, 2024, prompted an investigation commission. It claimed that exporters from Egypt, India, Japan and Vietnam were selling materials at prices lower than in their domestic markets. This practice has been detrimental to the EU steel industry.
After a detailed assessment of the imports that entered the region from April 1, 2023 to March 31, 2024 under the CN 7208 and 7211 codes, the Commission's investigation revealed that the imports were being sold at unreasonably low prices.
As a result, the Commission imposed final anti-dumping duties.
All Egyptian producers are subject to a single duty of 11.7%.
Japan's Tokyo Steel received a rate of 6.9% due to cooperation with the Commission of Inquiry and Fairer Pricing, while Daido Steel and JFE Steel received a rate of 9.8%. Nippon Steel, along with all other Japanese exporters, is subject to a duty of 30%.
Vietnamese exporters, with the exception of Hoa Phat Group, will be subject to a duty of 12.1%.
Commenting on the announcement, European Parliament Steel Market Analyst John Carruthers-Green said: "This latest ruling, along with the launch of an investigation into cold-rolled steel announced earlier this month, signals a tougher stance on dumped steel. The Commission is sending out a message that Europe is no longer willing to absorb the impact unfairly from cheap imports.
"It also comes at an important time for the European steel sector, as the commission prepares to introduce new measures early next month to replace the EU's existing protection regime."
Evidence presented to the European Commission in the form of Eurostat, import data and industry submissions indicated that EU manufacturers lost the market for cheap goods over the period, while profitability plummeted.
The investigation also confirmed that these phenomena coincided with a sharp increase in imports from Egypt, Japan and Vietnam.
