Trade protectionism intensifying post G20 Summit - Eurofer

24/04/2009 12:00 - 610 Views

Platts reported that European steelmakers' lobby Eurofer cited a newly expanded AD investigation by India against hot-rolled flat steel imports as a sign that trade protectionism is intensifying, despite commitments made at the last G-20 summit to refrain from such actions.

Mr Gordon Moffat director general of Eurofer said that "Following the Washington meeting in November 2008, G20 members did not lose time in raising steel import barriers. Now, shortly after the London meeting this month, we see India, a key G20 member, opening a steel safeguard investigation on the import of hot rolled flat steel products on top of an already ongoing anti-dumping procedure for the same products."

Eurofer said that India had widened an existing anti dumping investigation concerning imports of carbon hot rolled steel products from certain countries, to all imports. It added that the initial AD investigation, initiated November 28th 2008, targeted imports from China, Indonesia, Iran, Japan, Kazakhstan, Malaysia, the Philippines, Romania, Russia, South Africa, Saudi Arabia, Korea, Thailand, Turkey and Ukraine. The revision made April 9th 2009 means the investigation covers all imports. This could impact a trade flow from Europe which totaled 500,000 tonnes per year between 2006 and 2008.

Mr Moffat said that "We are seriously concerned that by this action targeting a critical, highly traded steel product, India has set the stage for a proliferation of safeguard actions in the global steel market making a destructive wave of steel exports heading to the EU market unavoidable."

from www.platts.com

Source: steelguru.com