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The World Trade Organisation has been officially informed by the European Union that the import safeguards on steel will be extended for another two years, or until June 2026. In addition, the European Commission is imposing a 15% import restriction for wire rod and hot-rolled coils within the quarterly quota category marked "other countries" for each given nation.
The pace of tariff liberalisation (TRQ) will be reduced from the current 4% to 1% over the two years. The proposed amendments to the safeguard measures are to enter into force on July 1, 2024. According to the EU, the investigation confirmed that there had been noticeable changes in the structure of import flows to the bloc, and they affected the functioning of safeguard measures.
This has led to a significant reduction in exports from traditional suppliers to the EU under residual quotas in some categories, while exports from new countries of origin have increased significantly in a short time under the same quotas. The EC also found that the surge in imports from some new countries of origin was due to the growth of overcapacity in certain regions, as well as to the significant pressure caused by a significant increase in Chinese exports to certain markets.
As a result, the commission concluded that to ensure the effectiveness of the measure and preserve traditional trade flows, it is necessary to adjust it in two product categories. There are only 5 major sources of imports of hot-rolled coils in the EU under the “other countries” quota. Only 4 of them supplied more than 15% of the quota: Japan (30% in Q1 2024), Taiwan (25%), Vietnam (21%) and Egypt (17%).
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