British steel traders have warned that the balances could be upset by Tata Steel UK, which has benefited from government aid and obtained £500 million. In the statement, the danger was underlined by saying that since Tata will increase the trade quota for low-cost imports, there will be a risk of imbalance in the domestic market in important steel products.
Tata's move also brings trade measures designed to protect domestic industry in the UK back to the agenda. High demands for reviewing protection measures have increased with recent developments. The controversy following the company's receipt of a large taxpayer support package is causing repercussions in British business circles.
Traders particularly focused on hot-rolled coil imported by India's Tata Steel UK, Britain's largest steel producer. The product known as HRC is important because it is the reference product used in the design of pipes and other steel structures. However, Tata's imports of large quantities of HRC from India occur regularly, for example, October was pre-planned as the quota reset period and created controversy in the news.
Comments
No comment yet.