Mexico extended a tariff on steel imports, citing a continued global production surplus. The 15% tariff, first introduced in October 2015 for 180 days and extended three times previously, will run for a further 180-day period from Tuesday (Oct 17). The tariff, which expired earlier in October, covers 97 steel products from countries with which Mexico has no free trade agreement.
The economy ministry said “While the global steel market has seen modest recovery in 2017, the increased demand has not eliminated the surplus output. Given the continued absence of conditions allowing healthy competition between steel industries of different countries, it is necessary and urgent to continue to impose the tariff on the import of 97 steel products.”
The tariff is seen as a key measure to tackle dumping, a significant threat to Mexico’s steel sector, with China seen as a major culprit. It is also seen as underpinning investment in the sector, including projects totaling more than US$2bn recently announced by Ternium and ArcelorMittal. Source : BNAMERICAS Pipe Industry Co., Limited (www.wilsonpipeline.com)
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