Stainless Steel Imports - New Anti-Dumping Measures Welcomed by EUROFER
EUROFER, the European steel association founded in 1976 that represents all steel production within the EU, has welcomed new anti-dumping and anti-subsidy measures that have been introduced regarding stainless steel imports from India. The new duties imposed by the European Commission are as high as 32.1%.
The new anti-subsidy and anti-dumping duties have been provisionally imposed and apply to stainless steel drawn wire originating in India. EUROFER filed complaints in June 2012 when figures revealed that Indian dumped imports represented more than 19% of EU consumption of drawn wire while simultaneously making up over 50% of total EU imports.
Between 2007 and 2011, Indian imports of stainless steel drawn wire increased by almost half, with EU consumption decreasing by 5% during the same period of time. India's market share of the product rose quickly from 11% to 18% throughout this time; six of these percentage points were gained in a single year (2010-2011). The prices of these imports have consistently been below import prices from any other country worldwide.
Producers of stainless steel wire in Europe have suffered as a result of this situation, reporting cuts in production and significant profit losses during the above-mentioned years. Gordon Moffat, Director General of EUROFER, said, ""It is very urgent that the Commission restores fair competition here. A functioning market is both in the interest of the industry and the end users, particularly in a product range where our members see their downstream market being gradually taken away by unfair imports."
Mr. Moffat also highlighted the newly-introduced 15% export duty payable on Indian stainless steel scrap, a major primary material in the production of stainless steel. He made clear that EUROFER believed these duties have caused prices of downstream products, such as stainless steel drawn wire, to lower. In conclusion, Mr. Moffat said, "Europe has become the second largest exporter of scrap globally while there are more than 20 countries which impose export restrictions on their domestic material. We ask the Commission to ensure a level playing field for our industry on the raw materials side, too."
Stainless steel wire is used in a multitude of applications within Europe, including construction, filter manufacture, welded mesh and for architectural applications. With its high-strength and resistance to corrosion, it is an essential material in the modern world. BS Stainless Ltd are not effected by the duties other than expecting increased demand, we will continue to offer the highest-quality products at the most competitive prices, teamed with our trademark impeccable customer service.
For more information on our range of stainless steel products, including stainless steel wire, special-grade welding wire and banding, please call our expert team on 01772 337555 or email us at email@example.com. Our regular newsletter allows you to keep up-to-date with the latest news and information from BS Stainless Ltd - your partner for stainless steel.