EU Renews Tariffs on Stainless-Steel Screws From China and Taiwan

2012-01-10

The European Union (EU) renewed tariffs on stainless-steel screws and bolts from China and Taiwan for another five years to curb competition for EU manufacturers.
 
The EU reimposed the import duties as high as 27.4 percent on stainless-steel fasteners, seeking to aid European producers. The levies punish Chinese and Taiwanese exporters for selling the fasteners in Europe below cost, a practice known as dumping.
 
The combined Chinese and Taiwanese share of the EU market for stainless-steel fasteners was 7.2 percent in the 12 months through September 2010 compared with 6.9 percent in 2007, according to the bloc. The anti-dumping duty rates are up to 23.6 percent for Taiwan and as high as 27.4 percent for China, depending on the company.
 
The renewal is the outcome of an EU investigation opened in November 2010, when the levies were originally due to expire. The duties automatically stayed in place during the probe into whether to prolong them.