EUROFER: protective measures fail to protect steel market from recession

According to the report, the European Steel Association (EUROFER) explained that the latest free tariff rate limit limits the concentration ratio of imported steel products from certain countries and makes trade more stable.

EUROFER stressed that this trade reform has helped to improve the current situation, especially in the domestic steel market, which remains largely sluggish in demand. In addition, EUROFER also suggested that the international community should ease overcapacity and the overcapacity crisis has become a problem in the current EU steel industry.

Some market participants stressed that the G20 Forum will continue to address the urgent problem of overcapacity in steel, which will induce China, Indonesia, Iran, Russia or Turkey to stop producing steel products and avoid indirectly harming the global steel market.