London is planning to reverse an anti-dumping action against Chinese steel as the country faces an import shortfall caused by Russia’s war on Ukraine.
Britain’s Trade Remedies Authority (TRA) said plunging stocks from Russia, Belarus and Ukraine have created a crisis in the construction industry.
TRA said maintaining the six-year-old curbs against Chinese steel would not be in the economic interests of Britain given high demand for steel.
Russia, Belarus and Ukraine supplied 27% of Britain’s rebar imports in 2020-21, the TRA said, and this would drop substantially as a result of Russia’s invasion of Ukraine and Britain’s subsequent sanctions against Moscow and Minsk.
The TRA said keeping the measures on the Chinese steel – known as HFP Rebar – would have a “severe” economic impact on Britain.
“Our judgement is that the impact on the British economy of higher prices would significantly outweigh the impact on the sole UK producer of rebar of removing tariffs on Chinese imports,” TRA chief executive Oliver Griffiths said.
- Reuters, with additional editing by George Russell