Steel producers in the EU request protection from the sharp increase in exports from China.

European steel producers have appealed to trade officials to address the issue of the sharp increase in Chinese steel exports, which has negative consequences for the European market. European steel prices are falling below production costs due to the oversaturation of the global market. Therefore, steel producers are demanding the introduction of a new tariff system that will help reduce excess capacities and protect domestic producers. They argue that weak demand and high energy prices have hit their industry hard.

China is expected to increase its steel export to more than 100 million tons this year, which will worsen the situation in the international market and trigger the imposition of import tariffs. Even after protective measures were introduced against Chinese exports to Europe in 2018, the industry is still suffering from the growth of imports from other countries.

Source: Ekonomichna Pravda