London/Brussels: The European Union will set a minimum price for imports of a grade of electrical steel from China, Japan, Russia, South Korea and the United States, while retaining the right to impose tariffs, reports Reuters.
In May, the European Commission set provisional tariffs between 21.6 and 35.9 percent on imports of grain-oriented flat-rolled electrical steel (GOES) following a complaint lodged in June 2014 by the European steel producers association, Eurofer.
After further investigation, the Commission has concluded that prices did in fact increase from mid-2014 and that new energy efficiency regulations would likely lead to further price rises.
The Commission proposes a minimum price of between €1,536 and €2,043 per ton according to the grade. If imported at these minimum prices, no duties would apply. However, if the import price is below the minimum, duties would apply on the difference between the two.
The definitive duties proposed by the Commission, which would normally continue for five years, would be between 21.5 and 39.0 percent and set by mid-November.
The earlier proposed rates per country and company can be seen here.