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An upcoming EU anti-dumping investigation against four steel exporters could affect more than half of hot-rolled coil (HRC) imports. This is reported by Argus Media.
As the agency notes, it is expected that in the near future the European Commission will officially launch an investigation into the import of steel coils from Egypt, Japan, India and Vietnam in response to a petition by the European Steel Association (EUROFER).
In January-May 2024, the share of these exporting countries accounted for about 51% of HRC imports, the total volume of which was almost 4.3 million tons. In January and April, when the quarterly quotas were reset, the share of these suppliers was more than 58%. This suggests that around 2.2 million tonnes of this year’s imports of hot-rolled coil may be affected by the investigation, creating a much more closed market for European mills.
EU anti-dumping investigations typically involve the imposition of provisional duties for eight months and definitive measures 14 months later, provided dumping is proven.
However, it is unclear whether the latter will be proven. Market sources suggest that this will be difficult in some cases, especially for Vietnam and Egypt, as Vietnamese domestic prices are regularly lower than export deals. However, even small tariffs can affect the flow of trade.
According to Argus, Japan, Vietnam and India have so far been informed of receiving a request to start an anti-dumping investigation.
At the same time, traders note that this may complicate the import of hot-rolled coils into the EU. A source in the service center suggests that end producers will buy finished metal products from these countries, undermining the position of European metallurgists.
As GMK Center reported earlier, the European Commission may soon initiate an anti-dumping investigation against some exporting countries that supply the European Union with hot-rolled coils under the quota of «other countries». During the first half of the year, some key players in this category sharply increased steel imports from China, in particular Vietnam, to more than 4.2 million tons compared to 6 million tons in 2023. Thus, Chinese products can enter the EU as re-exports from countries subject to quotas.
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