Update: Mexico Imposing Additional Trade Protections for Domestic Steelmakers
09/30/2015 - Mexico is increasing duties on a variety of steel products, hoping to shield domestic producers from inexpensive imports from China and other countries.
According to Reuters, the increased duties, which are rising by about 15 percent, are to remain in place for six months. They apply to five types of steel -- cold rolled, hot rolled, wire rod, sheet and plate -- from countries that do not have free trade agreements with Mexico.
Canacero, the steel industry’s trade association in Mexico, told Reuters that domestic steelmakers now hold less than 50 percent of the local market because of a rapid rise in imports.
"We are continuing to work with the Mexican government to avoid having our value chains captured by Chinese industry," said association president Guillermo Vogel.
(Editor's note: This article updates a previous version, correcting it to say that Mexico is raising duties by 15 percent, not imposing new duties of 15 percent.)
Canacero, the steel industry’s trade association in Mexico, told Reuters that domestic steelmakers now hold less than 50 percent of the local market because of a rapid rise in imports.
"We are continuing to work with the Mexican government to avoid having our value chains captured by Chinese industry," said association president Guillermo Vogel.
(Editor's note: This article updates a previous version, correcting it to say that Mexico is raising duties by 15 percent, not imposing new duties of 15 percent.)
