China Imposes Protectionist Measures On Steel From European Union, Asian Nations

Beijing: China on Monday announced imposing protectionist measures on certain stainless steel products imported from the European Union, Japan, South Korea, and Indonesia. The Chinese Ministry of Commerce said in a statement on its website that the measure will come into effect on Tuesday and will affect stainless steel billets and hot-rolled stainless steel. Consequently, importers will have to pay tariffs ranging from 18.1 percent to 103.1 percent on the two products for the next five years.

China claimed this step came in response to dumping (sale below cost price) practices that have caused considerable damage to its economy. Earlier in March, China had imposed these same anti-dumping measures in preliminary form. Stainless steel billets and hot-rolled stainless steel are mainly used as a raw material in the manufacture of cold-rolled stainless steel products or used in shipbuilding, containers, railways, energy and other industries. China is by far the world’s largest producer of steel. (IANS)

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