The European Commission applied countervailing duties against Chinese exports of sheet steel, adding 31% on top of anti-dumping duties of 36% already applied. The alleged subsidies relate to state financing, and come against the broader background of the EU’s treatment of China as a market economy. Yet, the case is largely irrelevant for exporters including Benxi and Angang. Chinese exports of the products concerned rising 45% on a year earlier in the quarter to April 30. Shipments to the EU appear to have been diverted to South Korea.