11/22/2010
HEADLINES
EU Reviews Duties on Stainless Steel Fasteners from China
The European Union may renew tariffs as high as 27.4% on stainless-steel screws and bolts from China and Taiwan, Bloomberg reports.
“The European Commission began a review of whether to reimpose the import duties on stainless-steel fasteners for five years while letting similar levies against Indonesia, Thailand and Vietnam expire,” writes Jonathan Stearns of Bloomberg.
The tariffs were imposed in 2005, when the EU set five-year anti-dumping duties on imports of stainless steel fasteners from China, Taiwan, Thailand, Indonesia and Vietnam. At the time the EU cited a threat to Italian and German producers including Bontempi Vibo SpA, Bulnava Srl and Reisser Schraubentechnik GmbH.
An EU investigation, prompted by the European Industrial Fasteners Institute (EIFI), found that EU consumption rose 18.7% to 75,854 tons between 2001 and 2003, and the EU market rose from 21.9% to 29.6% during the same period. But combined imports rose 60% to 22,428 tons between 2001 and 2003, while import prices fell 30% to Euro 2.5 per kilogram.
The duties included lower rates for select companies, but the highest duties are set at 27.4% for Chinese imports, 24.6% for Indonesian companies, 23.6% for Taiwanese companies, 14.6% for Thai companies and 7.7% for Vietnamese companies.
The new review was prompted by the looming expiration of 2005 duties, which will stay in place during the months-long probe. ©2010 GlobalFastenerNews.com
To read the official EC document click here.
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