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Report: EU To Set Minimum Price On GOES Imports
09/21/2015 - The European Union is preparing to set a minimum price on imports of a specialized steel from five countries, including the United States, according to Reuters.
The news service said the move to set a minimum price is based on a conclusion that end-users of grain-oriented flat rolled electrical steel (GOES) could be harmed by imposition of a straight duty.
The European Commission already has set provisional tariffs, which apply to imports from China, Japan, Russia, South Korea and the United States.
Reuters said that under the new scheme, the duty wouldn’t apply if the steel is imported at the minimum price. However, if the import price is below the minimum, duties would apply on the difference.
GOES is used to make electrical transformers.
The European Commission already has set provisional tariffs, which apply to imports from China, Japan, Russia, South Korea and the United States.
Reuters said that under the new scheme, the duty wouldn’t apply if the steel is imported at the minimum price. However, if the import price is below the minimum, duties would apply on the difference.
GOES is used to make electrical transformers.
