European steelmakers have appealed to trade officials to tackle a surge in Chinese steel exports that has driven European prices below the cost of production.
A new, comprehensive system of tariffs is needed to address the market-distorting effects of global overcapacity and protect domestic manufacturers battered by weak demand and high energy costs, producers and Europe’s main trade body told the Financial Times.
China, the world’s largest producer of steel, is expected to export more than 100mn tonnes of the metal this year, more than any year since 2016. The surge has already raised trade tensions and prompted several countries to introduce tariffs on imports.
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