Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

European steel & metals tube distribution association, Eurometal, noted that the signing of a UK and EU free trade agreement was a “great relief” for global steel distribution. 


In a media statement on Dec 30, Daniel Guinabert, Eurometal’s director general, stated that the group believes that the free trade deal avoided a potential “catastrophe” in the Brexit steel tariffs scenario, given that the deal was struck after more than four years of negotiations and just a week before the end of the official transition period on Dec 31. The UK HM Revenue & Customs (HMRC) also clarified that tariff-rate quota (TRQ) allocations would still be applicable on the trade of some steel products between the UK and EU from Jan 1 up to the conclusion of current safeguard reviews on June 30, 2021.


Notably, the preferential trade agreement (PTA) recently signed between the UK and EU, does not overthrow pre-existing trade agreements, such as safeguards, anti-dumping duties and countervailing duties.

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