3/7/2013 11:53:00 AM
NEWS BRIEF
The European Union slapped the Philippines with a tariff on stainless steel screws and bolts from China, 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. The corresponding duty of 27.4% will be levied from the date the investigation was initiated, which was June 15, 2012.
Duty exemptions were granted for two Filipino companies — Multi-Tek Fasteners Inc. and Rosario Fasteners Corp.
The duty announcement comes weeks the EU drop its circumvention investigation initiated in June 2012 on stainless steel fasteners from Thailand and Malaysia without applying duties, according to Fastener + Fixing Magazine.
“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,” writes Bloomberg’s Jonathan Stearns.
The 27.4% levy is the maximum of three rates, with the lowest being 11.4%.
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. ©2013 GlobalFastenerNews.com
Related Stories:
• EU Dropping Stainless Circumvention Case Against Thailand & Malaysia
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