The German automotive industry trade association, the Verband der Automobilindustrie (VDA) has issued a statement saying that it is relieved at the European Commission decision not to impose anti-dumping taxes on steel imports, particularly from China.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“We said early on that any further restrictions on the European steel market would lead to even higher price rises and to a weakening of the international competitiveness of European industry,” said VDA managing director, Klaus Bräunig.
The world market price for zinc coated steel sheet has risen by more than 40% since the beginning of the year and hot rolled coil by more than 70%. This has put huge pressure on the German and European automotive industries, according to Bräunig.
“Capacities in European steel plans are fully utilized and the availability of imported steel in Europe has fallen – with corresponding consequences for prices,” said Bräunig.
