China Hikes Anti-Dumping Duties on Some Steel Products From the EU and the US

On Friday, China announced its plans to increase anti-dumping duties on some alloy-steel seamless tubes and pipes used for utilities, imported from the EU and the US. Starting June 14, duties go up to anywhere between 57.9% and 146.8% for steel tubes and pipes from these two regions.

According to the Chinese Commerce Ministry, US steel extrusion firm Wyman-Gordon Forgings will be charged 101% as anti-dumping duties, while all other other US firms will be levied 147.8% in anti-dumping duties. Similarly, tariffs on Vallourec’s French and German units will be 57.9%, and all other EU-based companies will be levied 60.8% anti-dumping tariffs.

The Chinese government announced this decision in a bid to support its domestic steel tubes and pipes businesses. China had previously imposed tariffs between 13 and 14.1% on EU and US companies in 2014 which expired in May 2019.

Source: fxleaders / metaljunction.com