Cold rolled steel imports from China and Russia will now face anti-dumping duties thanks to the European Union, which is trying to level the playing field between EU producers and those from other countries.
Cold rolled steel is used to make a wide range of appliances and goods, anything from fridges to cars. The European Commission has said that the duties on cold rolled steel from China will be between 19.7 per cent to 22.1 per cent, while for Russia it will be between 18.7 per cent and 36.1 per cent, the Daily Mail reports.
The EC issued a statement saying: “In the wake of the global steel overcapacity crisis, the Commission is applying the trade defence instruments to re-establish a level playing field between EU and foreign producers.”
It went on to add that the EU now has over 100 trade defence measures in place, 37 of which target unfair steel imports. And 15 of these are Chinese.
The term ‘dumping’ refers to predatory pricing, which takes place when a manufacturer exports a product to another country either at a price below that you’d see in its home market or below its production costs. This is done to either push out other competition or to increase market share of a product in a foreign market.
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