From Macquarie:
The rise in steel protectionism continues, with the EU confirming anti- dumping duties on HRC and heavy plate imports from China. The tariffs amount to between 13.5% and 22.6% on HRC imports, and between 65.1% and 73.7% on heavy plate imports. HRC volumes affected represent around 4.3% of the European market, while for plate they cover 14%. However, with European demand being down around 20% from 2007 peaks, capacity utilisation is set to remain low for the foreseeable future. Meanwhile the Indian government has extended its protectionist Minimum Import Price (MIP) regime for 66 steel products for another two months, to 4 December. The Indian Steel Association had lobbied for a six-month extension. The MIP was introduced in February of 73 steel products, then reduced to 66 products because large anti-dumping duties were separately introduced for HRC, CRC and plate.
Chinese steel exports have been quite strong despite these global moves, up 6.6% year to date:
Still, the base effect is going to kick now. The end of last year was very strong and steel prices are 25% higher today so I think we’re at the peak here.
