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EU sets duties on hot-rolled steel imports from China

The European Union has set duties of up to 35.9% on imports of hot-rolled steel from China to counter what it says are excessively low prices and unfair subsidies.

The European Commission, which conducted an investigation on behalf of the 28 EU members, found that a number of companies had benefited from preferential lending from state-owned banks, grants, tax deductions and the right to use industrial land.

The EU has imposed anti-dumping duties on several Chinese steel products such as cold-rolled flat steel and stainless steelcold-rolled flat products.

The companies include Benxi Group with duties of 28.1%, Hesteel Group with a rate of 18.1% and Jiangsu Shagang at 35.9%.

The duties, which typically apply for five years, will take effect from Saturday, the EU’s official journal said.

Source : Engineering News