The European Commission is considering setting "eco-duties" on imported steel to level the production costs between imported and domestically produced material, market sources told Fastmarkets.
The EC and European steel association Eurofer, representing steelmakers in the European Union, are currently in early stages of discussions on the duties, market participants said. European steelmakers called on the region's policy-makers early this month to take immediate action to strengthen steel industry safeguard measures effective Monday July 1, according to an open letter signed by 45 European steelmakers. They noted in the letter that carbon dioxide emissions costs in the EU have risen sharply and are now five times higher than at the beginning of 2018. European steel producers have to face high emissions costs while non-EU mills do not and, therefore, have...