EU steel buyers concern US' elimination of tariffs to raise steel prices
23 Aug 2021 16:36 reported by Iona Chen
The European market expected to resolve the trade dispute of Section 232 with the US on November 1, which is likely to restore the flexibility of important trade routes between the EU and the US, as well as to correspond with the regulation of the World Trade Organization (WTO).
However, some European steel buyers are concerned that the domestic steel prices will soar again if the US eliminates export tariffs on the EU steel products. It is difficult for the US to agree to cancel export tariffs because steel tariffs are a necessary part of the US steel industry, especially in Ohio, Pennsylvania, Indiana, etc.
Some EU market participants indicated that if the US decides to remove steel tariffs, it will give rise to increase European steel products exports to the US. In the meanwhile, the European steel prices will climb further.
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