EU sets import duties on cheap Chinese steel

The European Union has imposed temporary import duties on two types of steel from China to counter unjustifiably low prices. Responsibilities have been a line of defense against Chinese steel imports over the past two years.

The European Commission is also investigating the alleged dumping of hot rolled steel by producers from Brazil, Iran, Russia, Serbia and Ukraine. This can lead to responsibilities from the month of April.

Last month, the G20 acknowledged that overcapacity for steel is a major concern. China, the source of 50 percent of the world's steel and the world's largest consumer of steel, said the problem was global.

The obligations on China will be in effect eight months after the launch of the relevant studies. The European Commission is seeking to speed up its trade defense measures under pressure from EU manufacturers.

European metallurgists' association Eurofer said it welcomes the fact that taxes will be introduced earlier than usual. Responsibilities are set in the range of 13.2 - 22.6 percent for hot rolled steel and 65.1 - 73.7 percent for heavy sheet steel. They are usually installed within five years.