October 1, 2020

China imposes protectionist measures on steel from the EU and Asian countries

The Chinese Ministry of Commerce announced today the imposition of protectionist measures on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia.

Through a statement published on its website, the agency explained that the products affected by these measures, which take effect on Tuesday, are imported stainless steel billets and stainless steel laminates.

These "were subject to 'dumping'" (the sale below the cost value), so "the domestic industry suffered considerable damage," according to the statement.

As a result of the measure, import operators importing these products will have to pay tax rates of between 18.1% and 103.1% over the next five years.

In March of this year, China imposed these same anti-dumping measures on a preliminary basis.

Stainless steel billets and hot rolled stainless steel are mainly used as raw material for cold-rolled stainless steel products or used in shipbuilding, containers, railways, energy and other industries.

China and Russia were the two countries that imposed the most trade barriers in 2018 on EU exports, according to a European Commission (EC) report on trade and investment barriers of 2018 published in June 2019.

That report rated China as the country with the highest number of trade barriers considered "problematic" by Brussels, with up to 37 restrictive measures "that check exports and investment opportunities of the EU".

Also, the EU and some countries have urged Beijing in recent years to restructure its bulging steel sector (China is by far the largest steel producer in the world) and avoid selling goods in that area at prices below its cost. .

The EU currently maintains an "unprecedented" number of trade defense measures against unfair imports of steel products, with a total of 41 "anti-dumping" and anti-subsidies, of which eighteen refer to items from China.

(tagsToTranslate) China (t) measures (t) protectionist (t) UE (t) asiaticos

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