EU plans 25% to 50% tariffs on Chinese steel, related products, Handelsblatt reports

Group 1 - The European Commission plans to impose tariffs of 25% to 50% on Chinese steel and related products in the coming weeks [1] - The Commission's President stated that a new method to curb steel imports will be proposed due to global overcapacity affecting Europe's steel industry [2] - A new long-term trade instrument will be introduced to replace expiring steel safeguards, as existing safeguards cannot be extended beyond mid-2026 [2] Group 2 - China's steel exports are projected to rise by 4% to 9%, reaching a record high of approximately 115 million to 120 million metric tons [3] - In 2024, China exported about 368,000 tons of steel to the EU, accounting for 4% of its total steel exports [3] - Analysts believe that the impact of EU tariffs on China's steel industry will be minimal due to the relatively small export volumes to the EU [3] Group 3 - China produces over half of the world's steel and is seeking new markets due to a slump in its property sector affecting domestic consumption [4] - More than 54 tariffs and trade barriers have been initiated against Chinese steel in 2024, with expectations of further curbs as exports increase [4] - European steel producers are also facing U.S. import tariffs of 50% [4] Group 4 - The EU began monitoring imports and exports of scrap metal, including steel, aluminum, and copper, due to industry warnings of shortages [5] - EU smelters are struggling to secure supplies of scrap metal, which is crucial for the bloc's carbon reduction efforts [5]