Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
Starting from next month, South Korea's SA533 Type D steel duty-free steel export quota to the European Union (EU) will be reduced by up to 14%. It is reported that the European Commission (EU) has decided to significantly reduce the duty-free import quota for steel from 1% to 0.1%. Therefore, the quota for South Korea's SA533 Type D steel largest export product - hot-rolled steel - has been reduced by approximately 14%. From April 1st to June 30th, the tax-free quota for hot coils is 186358 tons, but according to the revised quota, it will be reduced by 14% to 161144 tons.
According to the new regulations, if a country fails to use its allocated quota within a given quarter, the unused portion cannot be carried forward. The EU plans to reduce the allocated import quotas based on existing steel safeguard measures from April 1st. Since 2018, the EU has implemented low or zero tariffs on imported products within designated quotas, imposing a 25% tariff on excess quantities. It is reported that this measure is expected to reduce the EU's steel SA533 Type D steel imports by 15%.
