EU anti-circumvention investigation into stainless steel

EU anti-circumvention investigation into stainless steel

November 11, 2022 – According to sources familiar with the matter, the EU anti-circumvention investigation against stainless steel hot rolled flat products (SSHR) from Indonesia and Turkey is fought tooth and nail. Even when the ammunition turns out to be a burst barrel. Nickel’s rally on the LME and SHFE continues, with dramatic price increases since early November. And is it allowed to break WTO subsidy regulations in the EU?

EU anti-circumvention investigation into stainless steel

The anti-circumvention investigation against stainless steel hot-rolled flat products (SSHR) from Indonesia via Turkey, initiated by the European Steel Producers Association EUROFER, has remained silent – ​​or so it would seem. we.

Tough fight behind the scenes

As reported by the parties involved, a fierce fight is going on behind the scenes. In particular, EUROFER and an Italian stainless steel producer targeted another well-known Italian producer.

The main defendant in the anti-circumvention procedure would, according to his own statements, have tried to escape a few days ago after violent attacks by EUROFER.

The rationale attempts to circumvent the anti-dumping measure

Attempts to undermine the case by arguing that the material subject to the anti-circumvention claims was only imported for domestic use may prove unsuccessful. EUROFER and the European Commission are now likely to question whether the Italian manufacturer processed and sold the imported material or what else it could have used for its own purposes.

The nickel rally continues

The nickel rally continued on Friday. Since November 1, 2022, nickel on the SHFE has gained a whopping 13.5%. And is again close to the 30,000 USD mark. Same observation on the LME, where nickel even jumped by almost 24%.

The positive influences can be seen in particular in the good news from China and the significant drop in inflation in the United States. In addition to the German DAX and the Dow Jones, this has recently sent the Chinese Hang Seng soaring in particular. The Hang Seng has risen nearly 19% since early November.

CBAM: Europe should give up on complying with the WTO

The latest demand from EUROFER and other associations is clear. If the United States distributes billions in subsidies, Europe must not follow suit, whether it is legally valid or not. And if the EU lobby’s own child, the EU CBAM border carbon tax, gets in the way, it must be pushed aside and WTO rules broken. Normally, Europeans are more creative in hiding their subsidies behind fancy names. All that remains is to say: stop complaining!

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