On January 16, the European Commission issued a steel safeguard measure, with an average import quota of 360,000 tons in three years. This quota is higher than South Korea's heavy plates exports to the European Union in 2018, and this year's rising demand for ship plates, therefore, the relevant personages in the Korean industry expect that South Korea's heavy plates exports will not be seriously affected.
The Steel Safeguard Measures issued by the European Commission will come into effect on February 2. According to this measure, from February 2 to June 30, 2019, the EU import quota of heavy plates from Korea was about 140,000 tons; from July 1, 2019 to June 30, 2020, the import quota was about 360,000 tons; from July 1, 2020 to June 30, 2021, the import quota was about 378,000 tons. The EU will exempt products from import quotas and impose tariffs at a rate of 25% on those exceeding import quotas.
South Korea exported about 283,000 tons of heavy plates to the European Union in 2018, according to statistics from the Korea Iron and Steel Industry Association.
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