EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

 
The EU intends to impose definitive safeguard measures on steel imports to replace provisional measures put in place in July, as imports of the metal into the bloc continue to spike after the U.S. launched global Section 232 tariffs in March, the EU said in an announcement Friday.
    Set to remain in place through July 16, 2021, the measures will consist of a tariff-rate quota by which steel imports will see a 25 percent duty when the level of traditional trade flows is reached, the EU said. However, the measures can be “reviewed in case of changed circumstances,” the EU said.
    The definitive measures would replace provisional measures that have a maximum period of 200 days and could enter into force in the beginning of February, if EU member countries approve of the measures during a scheduled mid-January vote, the announcement says.
    The European Commission on Friday notified the World Trade Organization (WTO) of the findings of its safeguard investigation on certain steel products, which started in March, the announcement says.
    The investigation showed that EU imports of steel products significantly increased in recent years and that imports will likely further rise.
   “This situation was aggravated by the trade diversion resulting from the U.S. restrictive measures on steel taken under Section 232,” the announcement says. “The EU steel industry has not yet fully recovered from the global steel crisis. It is still exposed to further increases of imports and ensuing downward pressure on prices.”
    The measures will apply to imports from all countries, including 26 product categories, and will ensure that diversion of steel exports from the U.S. to EU market will be avoided, the EU said.
    “The commission intends to make its final decision after consultation with member states and before the provisional measures lapse” on Feb. 4, the announcement says.

There does appear to be some marginal gains to be had from slowing ships even further, both in terms of fuel consumption and cost. Before making this a mandatory requirement, we agree with Maersk that further evaluation of the unintended consequences is required.

Spot container rates from Shanghai to Rotterdam stood at $1,426 per FEU as of May 23, down 2% year-over-year, according to Drewry’s World Container Index.

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EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

Jan 04, 2019 on Dec 27, 2018AmericanShipper.com

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EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

Jan 04, 2019 on Dec 27, 2018AmericanShipper.com