7/14/2010
NEWS BRIEFS
EU Fastener Makers Drop Dumping Complaints Against India and Malaysia
While hinting at new allegations, European fastener producers have dropped complaints that rivals in India and Malaysia are dumping illegally-subsidized screws and bolts in the European Union, Reuters reports.
The European Industrial Fasteners Institute (EIFI) reportedly withdrew its complaints, filed in August 2009, after European regulators appeared poised to dismiss them.
“The investigations (by EU officials) have shown that there may be a need to enlarge the product scope of trade actions and verification of this will take some more time. That’s why EIFI decided to temporarily suspend (the complaints),” Gianni Pezzoli, a member of the group’s executive committee, told Reuters.
The Institute said it is working on filing more extensive complaints in the coming months.
The EIFI complaints covered a similar range to that of the existing stainless steel anti dumping measures – tariff codes 7318 12 10, 7318 14 10, 7318 15 30, 7318 15 51, 7318 15 61 and 7318 15 70. These codes include wood screws, self tapping screws, socket screws and hexagon bolts and screws as well as other screws and bolts with various recesses and heads.
European producers insist imports from India and Malaysia have been soaring since the EU imposed duties on products from other countries.
The EU imported Indian screws and bolts worth EUR 52 million (US$65.50 million) in 2009, up from EUR 2.5 million in 2005. Imports from Malaysia increased more than sevenfold to EUR 15 million during the same period.
In November 2005 the European Union applied antidumping tariffs on imports of threaded stainless fasteners from China, Taiwan, Indonesia, Thailand and Vietnam – tariffs range from 7.7% to 27.4% depending on country and individual producer.
The EU is embroiled in a trade dispute with China, which recently China announced final five-year antidumping duties on steel fasteners imported from the EU.
The tariffs on certain carbon fasteners range from 6.1% to 26%, and affect about EUR 140 million (US$240 million) worth of fasteners.
The move followed China’s decision in December 2009 to apply preliminary tariffs on EU fasteners in retaliation to the European Commission’s adoption of antidumping duties averaging 87% on certain Chinese fasteners. The EU concluded in February 2009 that Chinese producers had flooded the market with fasteners at 30% to 50% below European prices.
Both the EU and China have appealed the tariffs to the World Trade Organization. ©2010 GlobalFastenerNews.com
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