RUSSELS: The European Union renews tariffs as high as 75% on steel tube fittings from Russia, South Korea and Malaysia while letting similar duties against Turkey expire.
The EU reimposes the levies on Russian, Korean and Malaysian exporters of the fittings, which are used to join tubes or pipes mainly in the petrochemical, energy, construction and shipbuilding industries, for another five years to protect producers in the bloc such as Vallourec Fittings, Erne Fittings and Virgilio Cena & Figli from below-cost -- or “dumped” -- sales.
“The union industry would be likely to experience a further deterioration of its situation in case the anti-dumping measures against Malaysia, Korea and Russia were allowed to lapse,” the European Commission, the EU’s executive arm in Brussels, says in the bloc’s Official Journal.
The duty levels are 23.8% for Russian producers; 44% for all Korean manufacturers except TK Corp., which faces a 32.4% rate; and 75% for all Malaysian producers except Anggerik Laksana, which is subject to a 59.2% levy, and Pantech Steel Industries, which has a 49.9% rate.
The expiring EU levies on steel tube fittings from Turkey are as high as 16.7%, depending on the Turkish exporter.
The EU decision is the outcome of a probe opened in January 2018 into whether to reimpose the anti-dumping duties against the four countries; the five-year renewal of the levies against Russia, Korea and Malaysia will take effect on Thursday.
Note: Jan. 18, 2013: Russia, Turkey face five-year EU tariffs on steel tube fittings
“The union industry would be likely to experience a further deterioration of its situation in case the anti-dumping measures against Malaysia, Korea and Russia were allowed to lapse,” the European Commission, the EU’s executive arm in Brussels, says in the bloc’s Official Journal.
The duty levels are 23.8% for Russian producers; 44% for all Korean manufacturers except TK Corp., which faces a 32.4% rate; and 75% for all Malaysian producers except Anggerik Laksana, which is subject to a 59.2% levy, and Pantech Steel Industries, which has a 49.9% rate.
The expiring EU levies on steel tube fittings from Turkey are as high as 16.7%, depending on the Turkish exporter.
The EU decision is the outcome of a probe opened in January 2018 into whether to reimpose the anti-dumping duties against the four countries; the five-year renewal of the levies against Russia, Korea and Malaysia will take effect on Thursday.
Note: Jan. 18, 2013: Russia, Turkey face five-year EU tariffs on steel tube fittings
Rakuten Trade Research Report : Dated Apr 8,2019 We expect a potential restoration of earnings’ visibility in FY20, coming from: (i) possible uplift of U.S. shipment suspension by the DOC and (ii) sales from new fields E&C projects, capitalising on Petronas’ increased upstream capex. BUY with a target price of RM0.69 pegged to 0.9x PBV on FY20E.
We believe PANTECH may stand as a beneficiary of Petronas’ increased upstream capex. Recall that Petronas had committed to an increased capex of >RM50bn for 2019 (from RM47bn in 2018), of which ~RM30bn will be for upstream. We reckon the increased upstream capex will be invested on the development of oil and gas new fields. PANTECH provides pipes, valves and fittings not only used for the transportation of oil and gas, but also for the engineering and construction (E&C) phases of the fields (e.g. used as topside structures and jackets, subsea platform pillars, etc). Source : Rakuten Trade Research Report : Dated Apr 8, 2019
Pls la dog... u deny u tell ppl to sell at 52/53 sen? Read back ur comment la... u want ppl to sell and u pick it up at low la obviously..... but it rebounded to 59.5.... isnt that u con ppl to sell? Just admit la... many ppl in i3 con ppl... u r just one of them lo...
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sooaria
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Posted by sooaria > 2019-04-09 15:23 | Report Abuse
Thank you Sifu Calvin