UK Steel import tariffs extended for two years
Tariffs on steel imports that were due to expire will be retained for a further two years, the government said.
International Trade Secretary Anne-Marie Trevelyan said the plans departed from the UK’s “international legal obligations” but was in the “national interest” to protect steel makers.
This position makes some sense when you consider that the worlds largest producer of steel, China, is currently slowing down its production, stockpiles sitting idle, perhaps looking for a vulnerable export market.
China accounts for over 55% of the worlds production, the UK with a now global production ranking of 24. Keeping a close and watchful eye on the China steel market is vital.
CTD Indices China Steel Index is an independent daily index that tracks the Chinese domestic financial futures market.