The UK government has officially announced the extension of anti-dumping duties on cold rolled steel in coils, plates and strips from Russia and China until August 2026.
The tax rate is known as 19.7-22.1 percent for Chinese suppliers, 18.7 percent for Magnitogorsk Iron and Steel Works, 34 percent for Severstal and 36.1% for other Russian companies.
The UK's Trade Solutions Authority (TRA) issued a recommendation in early April after a year of re-investigation. As the TRA noted, the removal of taxes introduced in 2016 would have led to a resumption of dumping supplies and hurt local producers.
He emphasized that, according to TRA estimates, around 50-60% of the cold rolled steel needs of the British economy are met through imports. He added that these products are primarily used in the automotive and white goods sectors.
The agency announced about 50-100 consumers of cold rolled steel in the country, whose total turnover exceeds $800 million, but added that this industry is in a vulnerable position due to the overall unfavorable economic situation, the coronavirus outbreak.
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