Posted on 27 Sep 2024
JAPAN and South Korea are the latest countries to target Chinese steel products with anti-dumping measures, amid a growing backlash across the world against the country’s cheaper commodities.
Japan’s Ministry of Economy, Trade and Industry is seeking to broaden the scope of anti-dumping duties to cover Chinese steel, among other products routed via third countries.
Meanwhile, South Korea said on Thursday (Sep 26) that it has launched an anti-dumping probe into imports of stainless steel plates made in China.
The actions come as concerns grow in a number of countries over the impact of cheap goods flowing from the world’s biggest manufacturing nation. Some South American countries, as well as the US, have announced higher tariffs on Chinese steel.
China’s steel industry has been decreasing output, with production down more than 3 per cent in the first eight months of 2024, compared with the same period last year.
But the domestic slowdown means that even with that cut, there has been too much metal for the Chinese economy to absorb, pushing steel exports up more than 20 per cent in the same period.
Source:The Business Times
