Posted on 27 Sep 2024
The Ministry of Economy, Trade and Industry of Japan is seeking to expand the scope of anti-dumping duties to cover Chinese steel among other goods transiting through third countries. Bloomberg reports with reference to a representative of the Ministry.
The ministry is considering applying to the Ministry of Finance by the end of September, which is the deadline for all government agencies to submit their requests for tariff revisions in the next fiscal year. If approved, this measure will apply to all import routes and will help solve the problem of previous attempts to supply Chinese steel through other countries.
The move comes as China’s steel exports have surged amid deteriorating domestic demand. Countries are stepping up protective measures against the world’s largest steel producer due to concerns about potential dumping.
At the end of August, it was reported that Nippon Steel and other Japanese steelmakers are lobbying for consideration of restrictions on imports of cheap steel from China to protect their own market. This was stated by Nippon Steel Vice President Takahiro Mori.
As GMK Center reported earlier, in August 2024, Chinese steel companies increased their exports of steel products by 21.3% compared to the previous month and by 14.7% compared to August 2023, to 9.5 million tons. Low domestic sales and fears of increased trade conflicts in the future contributed to the rush. Steel shipments abroad in January-August 2024 increased by 20.6% y/y – to 70.58 million tons. This is the highest indicator since 2016.
Source:GMK Center
