Daily Management Review

New EU Anti-Dumping Move On Steel Draws Out Disquiet Voice From China


02/28/2017




New EU Anti-Dumping Move On Steel Draws Out Disquiet Voice From China
After European Union regulators imposed new duties on steel imports from Chiba, the world's biggest producer, the country expressed concerns on Tuesday over what it said was increasing protectionism.
 
While avoiding tensions with Beijing, which it sees as a possible ally against protectionism and climate change, the European Commission is seeking to protect EU steelmakers.
 
Confirming provisional tariffs set in October, imports of heavy plate non-alloy or other alloy steel from China were levied definitive anti-dumping duties of between 65.1 percent and 73.7 percent on Tuesday by the Commission.
 
China was hence prompted to say that it was ready to strengthen communication with the EU to tackle issues in the industry as a statement from China's Commerce Ministry called on Europe to treat Chinese companies "fairly and impartially".
 
Nanjing Iron & Steel Co Ltd, Minmetals Yingkou Medium Plate Co Ltd, Wuyang Iron and Steel Co Ltd and Wuyang New Heavy & Wide Steel Plate Co Ltd. were included in the list of companies named in the Commission's ruling.
 
By selling steel products at well below half of the price on the producers' home market, Chinese companies were found to be heavily dumping their products on the EU market after an investigation and the EU executive said it acted only after the investigation results.
 
"The Commission has responded forcefully and quickly to unfair competition, while at the same time ensuring that the rights of all interested parties have been protected," the Commission said in a statement.
 
The Commission had found clear evidence of dumping, said Eurofer, which represents the European steel sector.
 
"Tens of thousands of steel jobs have been lost in Europe over the past few years, and dumping, particularly demonstrably from China, has been one of the causes," it said in a statement.
 
The EU has said its new approach had allowed it to decide on trade sanctions more quickly than in the past and has strengthened its policy against what it considers unfair competition for its steel industry.
 
It has 41 anti-dumping and anti-subsidy measures in place, 18 of which are on products from China, it said on Tuesday.

Additionally, anti-dumping and anti-subsidy duties imposed by the EU nearly four years ago on imports of Chinese solar panels were backed by Europe's second highest court on Tuesday.
 
On the other hand, state news agency Xinhua quoted Chinese President Xi Jinping on Tuesday saying the shortcomings in its market supervision should be improved while at the same time China must "unswervingly" crackdown on financial irregularities and illegal behaviours.
 
Such reforms should be specific and should be done according to international standards by the world's second largest economy, Xi stressed.
 
Xi said at an economic work meeting that China will actively discuss how best to tackle its debt issues and fend off moral hazards this year.
 
Recording the fastest price gains last year since 2011 was the flow of speculative funds into the property market and this has been criticised by China's top leaders. That has inflated China's debt load and fueled a dangerous price bubble.
 
(Source:www.reuters.com) 






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