6/30/2009
NEWS BRIEFS
EU Adopts 24% Tariff on Chinese Wire Rod

The European Union approved a 24% antidumping duty on steel wire and rod imports from China starting August 1, 2009 and continuing for five years.

The European Confederation of Iron and Steel Industries (EUROFER) welcomed the decision.

“We are satisfied with this outcome which sends out the clear message that unfair trade practices are not tolerated by Europe,” said Gordon Moffat, EUROFER director general.

The global economic crisis has proliferated protectionist measures in markets around the world, driving dumped imports onto the European market, Moffat stated.

“This has been a contributory factor in EUROFER’s legitimate use of trade defense against dumped imports of wire rod from China.”

The EUR 190 billion European steel industry employs about 420,000 people to produce 200 million tons of steel annually.

The European Commission initiated its antidumping investigation in May 2008, with a temporary 25% duty imposed on Chinese steel wire and rod imports since February 2009.

China reportedly exported 260,000 tons of steel wire and rod to Europe in 2008.

In February the EU adopted a general tariff of 85% on certain fasteners from China, prompting a 45% drop in fastener exports from China during the first four months of 2009. ©2009 GlobalFastenerNews.com