Hungary joins the 'safeguard club'

Hungary joins the 'safeguard club'

Following in the footsteps of a number of countries, now Hungary has decided to introduce its own safeguard measures on steel products. The measures set to take effect from June 3-December 3 include duty free quotas based on average import levels from 1998-2000 with an additional 10%. Insiders claim that Hungary's product and tariff list is different from the one the EU submitted. There are a list of 15 products with accompanying tariff numbers. Sources indicate the list primarily contains locally produced products that reportedly include HR, CR flat products, narrow strip, rebar and wire rod, merchant bar and light profiles (coated or not), tin mill products. The Hungarian government is giving separate tariff free quotas on each product, for material originating in the EU, CEFTA countries and other countries. Developing countries are excluded with the tariffs for excess volumes of mainstream flat products at 25% while the majority of others are 20%.