Brussels, 17/12/2009 (Agence Europe) - On Wednesday 16 December, the Commission decided to extend until 31 December 2012 the current Community system for the monitoring of imports of steel products, which was set in place in 2002. At the same time, the product coverage has been updated, meaning that the mechanism now also covers flat stainless steel products and large welded tubes. The information gathered will allow the EU to monitor any sudden changes to the global market and improve its response to the volatility of the situation in trade terms. The Community monitoring system for imports of steel products, which is based on licences and represents a minimal administrative cost for economic operators, provides early commercial statistical information, thus allowing a swift analysis of market developments. It sheds all necessary light on global trends in the supply and demand of steel products and provides information on any trade partners introducing restrictive measures on trade and on increases of overcapacity on the part of the largest producer countries. According to the OECD, the gap between supply and demand for steel is set to increase in the short term and global overcapacity is expected to reach a level of 500 million tonnes in 2010-2012, half of which will originate in Asia. (E.H./trans.fl)