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China accuses the United States of ‘unfair methods’ in steel dumping probe
Cold-rolled steel is primarily used in automotive body panels, appliances, shipping containers and construction.
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The U.S. has responded with tariffs on Chinese steelmakers. Among Japanese producers affected are Nippon Steel & Sumitomo Metal Corp and JFE Steel Corp. Beijing has reportedly criticized these punitive trade actions, calling them “excessive”.
The US imported around $272m worth of cold-rolled steel products from China and $139m from Japan in 2015, according to Reuters.
U.S.-based Nucor Corp. and U.S. Steel Corp. one year ago started filing trade actions alleging more than a dozen countries of selling steel in the U.S. below cost.
You see, the American steel industry is in the midst of what could be its greatest import crisis in history… If approved, the U.S. Commerce secretary will order the U.S. Customs and Border Protection agency to levy duties on Chinese steel.
“The US has quickly identified the problem with China dumping steel and imposed effective and robust trade barriers”, he said.
These anti-dumping determinations were exactly the same as Commerce’s preliminary findings released in March. Cold rolling makes steel stronger and more flexible than hot-rolled coil, the benchmark product.
“The price rebound is not beneficial to the overcapacity situation…”
“China is extremely dissatisfied with this decision”, China’s Ministry of Commerce said in a statement, adding the country “urges the USA to strictly abide by World Trade Organization guidelines and correct its mistake as quickly as possible”.
A surge in Chinese steel prices helped restart once-shut mills, and might slow Beijing’s bid to address excess capacity, said Baosteel’s Zhang. The latter, however, says it has done enough to reduce capacity and blames global excess and weak demand for the sector’s woes.
In April, U.S. Steel lodged a complaint with the USITC, asking the regulator to start an investigation against biggest Chinese steel makers and their distributors.
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“China should support exports – steel product exports and moving projects and plants overseas”, she said. A final ruling by the DOC on this case is expected in August.