Bloomberg reported that The European Union has renewed tariffs on stainless steel screws and bolts from China and Taiwan for another five years to curb competition for EU manufacturers including Italy’s Bontempi Vibo SpA.

The EU reimposed the import duties as high as 27.4 % on stainless steel fasteners, seeking to aid European producers that also include Bulnava Srl of Italy, Germany’s Reisser Schraubentechnik GmbH and France’s Ugivis SA.

EC said “There is a likelihood of continuation of dumping on the union market in case the current anti dumping measures are removed.”

The 5 year renewal will take effect after being published in the EU Official Journal.

The combined Chinese and Taiwanese share of the EU market for stainless steel fasteners was 7.2% in the 12 months through September 2010 compared with 6.9% in 2007.

The anti dumping duty rates are up to 23.6% for Taiwan and as high as 27.4% for China, depending on the company.

The renewal is the outcome of an EU investigation opened in November 2010, when the levies were originally due to expire. The duties automatically stayed in place during the probe into whether to prolong them.

(Sourced from Bloomberg)