3/19/2013 5:12:00 PM
HEADLINES
EU Finalizes AD Levy on Filipino Screws
The European Union finalized tariffs on stainless steel screws and bolts from the Philippines, saying “Chinese exporters used the country to evade the levy meant to aid EU producers like Italy’s Bontempi Vibo SpA,” Bloomberg reports.
“As a result the EU extended antidumping measures currently in force on stainless steel fasteners from China to imports consigned from the Philippines,” writes Fastener + Fixing Magazine Executive Editor Phil Matten.
The 27.4% duty will be levied from the date the investigation was initiated, which was June 15, 2012.
Exemptions were granted for two Filipino companies — Multi-Tek Fasteners Inc. and Rosario Fasteners Corp.
“EU investigators found that exports of stainless steel fasteners from China to the Philippines increased sharply, reaching more than 15,000 metric tonnes in 2011 and the ‘reporting period’ (RP), which was 1st April 2011 to 31st March 2012,” Matten writes.
Data shows imports of 1,104MT in 2004 before antidumping duties were applied to China and “a progressive ramping up of the pattern of trade” in the following seven years.
At the same time exports to the EU from the Philippines also increased dramatically, according to Fastener + Fixing.
“Information from Filipino authorities showed that most of the imports from China went directly into special economic zones and did not enter the Filipino customs territories,” Matten writes. “This confirmed to investigators the existence of transshipment of Chinese origin products.”
The duty announcement comes weeks after the EU dropped its circumvention investigation – initiated in June 2012 – on stainless steel fasteners from Thailand and Malaysia without applying duties, according to Fastener + Fixing.
“The EU renewed the trade protection against China in January 2012 for another five years to help European producers … counter below-cost, or ‘dumped,’ imports from the Asian country,” Bloomberg reports.
At the same time the EU also reimposed five-year antidumping duties as high as 23.6% on stainless steel fasteners from Taiwan, according to Bloomberg.
Regulation 205/2013 was published in the EU Official Journal on March 12, 2013. ©2013 GlobalFastenerNews.com
Related Stories:
• UK’s Tucker Fasteners To Close
• SHOW NEWS – Fastener Fair Stuttgart: Different from North American Trade Shows
Share: