According to a source, the European Commission (EC) has technically prolonged antidumping penalties against Russian and Chinese steel that were set to expire on August 5, according to TASS on Wednesday.
“Antidumping duties on Russia and China will stay in force until the review procedure for these measures is finished. This treatment might last up to 15 months. Duties have a technically prolonged impact till they are completed. The purpose of this procedure is to determine whether or not the pricing for steel goods from Russia and China has changed and whether or not it breaches EU competition guidelines,” according to the source.
Eurofer, the European steelmakers’ organization, submitted a proposal with the EC in April 2021 to extend EU antidumping penalties against Russia and China.
According to the source, duties might be extended for another five years before being abolished or recalculated at the completion of the investigation. If they are extended, their term of service will begin on August 5, 2021. In the event of their cancellation, the European Commission will reimburse steel exporters from Russia and China for money received from August 5, 2021.
Antidumping taxes on various types of steel goods from Russia and China range from 13% to 36%.