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Stainless steel market news: EC to impose five-year duties on stainless steel from Russia and Turkey

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stainless steel market

Stainless steel market news: The European Commission, after completing an anti-dumping investigation that covered the period from January 1 to December 31, 2020, decided to impose duties on the supply of corrosion-resistant steel from Russia and Turkey, says the materials EC. 

How will the situation affect steel market prices? 

The investigation was carried out at the request of the European Association of the Steel Industry (Eurofer). The subject of the investigation was rolled steel with galvanized, magnesium, and aluminum coatings. Transformers and high-speed steel were not included in the investigation.

The anti-dumping duty on steel from Magnitogorsk Iron and Steel Works is 36.6%; from Novolipetsk Steel – 10.3%; from Severstal – 31.3% and from all other mills – 37.4%.

For the Turkish asset MMK (MMK Metalurji) the duty is 10.5%; for other Turkish steel producers – from 2.4% to 11%.

Imports of corrosion-resistant steel from Russia and Turkey increased more than fivefold – from 196,643 tons in 2017 to more than 1 million tons during the investigation period; the share of such metal from these countries increased from 2.2% to 13.1%. At the same time, the EC draws attention to the materials to implement supplies at prices below the average market prices in the EU.

The European Commission recalls that the sanctions imposed against Russia affect the supply of steel products in the region or directly to companies producing and exporting metal during the investigation, and since mid-March a complete ban on the supply of stainless steel to the EU was introduced.

Earlier we reported that Germany’s economic outlook for the second half of the year has deteriorated significantly.

Economy

Costs of electricity in Italy rose by more than 76% in August

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cost of electricity in Italy

Costs of electricity in Italy rose by 76.4% in August, compared with an average of 51.9% in the euro area. La Repubblica writes about it, citing the estimates of Italy’s Confartigianato, an association of small and medium-sized businesses.

“Italy has structural problems. Here the cost of gas and electricity has always been very high because of the nature of production and the fact that there has never been an appropriate energy plan. Therefore, the average electricity bill in Italy will continue to rise,” said the head of Confartigianato, Bruno Pannier.

According to him, now Italy can concentrate on the production of energy from renewable sources. In this matter, the country is in a better position than other countries of the European Union, in particular due to the climate.

The newspaper said that in July electricity and gas prices in France jumped by 23.8%; in Germany – by 46% and in Spain – 54.3%, while in Italy the increase was 59.1%.

Earlier we reported that Nord Streams was almost completely out of service due to malfunctions.

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Economy

The situation in Europe is worsening. Rising food and energy prices are becoming a growing problem

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rising food and energy prices

The situation with rising food and energy prices in the EU soon will only get worse. This follows from the statement of the head of the European Central Bank Christine Lagarde.

British residents have already spent more than half of their savings. According to The Times, monthly expenditures on British energy prices are growing by a record £145. The pound itself reached a historic low against the dollar and almost equaled it. The sharp decline occurred after the decision of the British government to reduce taxes in the country.

Against this backdrop, Parliament began to prepare a vote of no confidence in the new Prime Minister, Liz Truss, who proposed new economic measures. The situation in Germany is also difficult. As German Finance Minister Christian Lindner admitted, he does not yet know how to fight gas prices.

“We are working in parallel with the commission on gas prices, which was created by the federal government. And so we will be looking for ways in which we can put price control into practice. I have an idea of what direction to think, but I don’t really want to go into all the details,” Ridus said.

Earlier, we reported that cryptocurrencies and the dollar began a showdown for the title of most profitable asset.

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Economy

Nord stream sabotage? “Nord Streams” is almost completely out of order due to malfunctions

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nord stream sabotage

The Nord Stream and Nord Stream 2 gas pipelines are almost completely out of service due to various faults. Many are voicing opinions about sabotage on Nord Stream.

Both gas supply routes to Europe via the Baltic Sea bed are out of service. First there was the Nord Stream 2 accident, where the pressure on one of the lines dropped drastically. The cause of the leakage is currently being investigated. Then pressure dropped in both strings of Nord Stream, but the reason for the drop in pressure is still unknown. There are serious reasons to assume a Nord Stream attack.

The publication noted that the German authorities have already started working with the Danish authorities and local law enforcement agencies to find out the reason for the pressure drop in Nord Stream-2. However, it is not clear how the pipeline will be repaired, as it is under U.S. sanctions and bankruptcy proceedings, although it has been postponed until January 2023.

At the moment it is impossible to name the exact cause of the malfunctions that have occurred. However, the sudden drop in pressure may indicate not just a leak, but a much more serious problem. Also, this accident could have certain consequences for the entire gas market, and repairs could take quite a long time.

Earlier we reported that British banks had begun stopping some mortgage deals because of the pound falling against the dollar.

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