EU extends minimum price for electrical steel imports

BRUSSELS, January 17 (Reuters)The European Union has extended minimum prices for electrical steel from China, Japan, Russia, South Korea and the United States by five years, on the grounds that producers would otherwise dump on the market of the EU.

The bloc set three minimum prices for grades of grain-oriented electrical silicon steel (GOES) flat-rolled products, used in power transformers, in October 2015 after a complaint from European steelmakers’ association Eurofer.

The European Commission, which carried out the investigation, said producers in the five countries had spare capacity and were likely to sell it in the European Union if the measures were lifted.

The Commission has set minimum prices between 1,536 euros and 2,043 euros per tonne.

If producers sell below these prices, then they face duties ranging from 21.5% to 39%. Producers include Chinese companies Baoshin Iron and Steel Co and Wuhan Iron & Steel Co, Japanese companies JFE Steel Corp and Nippon Steel. 5401.TKorean POSCO 005490.KSRussian steel from Novolipetsk NLMK.MM and AK Steel of the United States.

EU producers include ThyssenKrupp TKAG.DE and Stalprodukt from Poland STP.WA.

(Reporting by Philip Blenkinsop; Editing by Kirsten Donovan)

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