Further extension of EU trade safeguards could add to supply problems, Turkish sources say

The European Commission (EC) should not extend the region’s existing safeguard duties on steel product imports, because it would result in increasingly limited supply and higher prices, speakers said in a webinar organized last week by the Turkish Steel Exporters’ Union (ÇIB).

The safeguard measures were imposed for an initial period of three years and were scheduled to expire on June 30, 2021.
On February 26, the EC started an investigation into the possible extension of the existing safeguard measures imposed on 26 steel product categories imported into the EU. The results of this have yet to be announced, but will be made public by June 30 at the latest.
Speakers in the ÇIB webinar on May 6 noted that steel prices have been increasing sharply in Europe because of limited supply.
“Such sharp increases were also observed in the United States, when Section 232 [import] duties [on various products] were introduced [by former President Donald Trump],” one speaker said.
Current steel prices in the US were significantly higher than in most other regions in the world.

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Published

Serife Durmus

Maria Tanatar

May 10, 2021

18:33 GMT

London, Bursa