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EUROFER: Numerous steel products from international market transfer to European countries due to US' tariffs

The European Steel Association (EUROFER) mentioned that after the US' new tariffs policy, a huge quantity of steel products from international market (especially Turkey) rushed into the European countries, which rose rapidly and caused the local steel demand slow down, and it also threatened the benefit of European mills.

Because of the conflict between the EU and the US and weaker global demand, the prospect of European steel end users will be stagnant for the future. From March 23rd, the US imposed 25% imported steel tariff to most of countries, Mexico and Canada were also included in the list on June 1st, and Turkish imported tax was increased to 50% in August.

At this moment, because of the US' new policy, most of steel products were transferred to the European market, and Turkish steel was no longer to be exported to the US due to 50% import duty.

Source: yieh

Oct 29, 2018 12:28
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