EU investigates Chinese stainless steel products
June 30, 2014 Category Foreign trade, Weekly
The European Commission (EC) has launched an anti-dumping investigation in cold rolled stainless steel product imports from China and Taiwan, as it felt that they were being dumped at prices lower than the actual costs in the European Union. Xu Xiangchun, Information Director of Mysteel.com, a steel industry consultancy based in Shanghai, said the Chinese government has not announced any policies to encourage exports of steel products or provide subsidies to these companies. “Most of the steel companies have increased exports due to weak domestic demand and falling prices,” he said. “If the EC decided to impose punitive taxes on stainless steel products, it will hurt many of these companies.” However, the EC decision will not have a big influence on China’s full-year steel exports as stainless steel accounts for a small portion of total exports. According the EU statistics office, the EU imported cold-rolled stainless steel sheets from the Chinese mainland and Taiwan with a total value of €758 million in 2013, a 10-fold increase from 2002. China’s steel industry is facing severe overcapacity caused by shrinking demand and huge production capacities built up in the past few years. Many domestic steel producers have been trying to expand in overseas markets to maintain operations. According the China Iron and Steel Association (CISA), China’s steel products exports totaled 18.33 million metric tons in the first quarter, up 27% year-on-year.
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