China instigates anti-dumping probe against Japan, European Union, South Korea and Indonesia.
China instigates an anti-dumping inquiry into stainless steel products imported from different countries that includes Indonesia, Japan, European Union and South Korea due to the reason that metal remains the attention of trade tensions globally. US imposed tariffs on imported steel and aluminum products on prime producers including EU, Canada, China etc, as their national security is threatened and industry is hurt due to surfeit of metals. Due to excessive issue in China, on Monday, Beijing government took an action on the concerned issue after a local producer called for an enquiry into alleged dumping. According to commerce ministry report, China’s inquiry emphasis is on stainless steel billet and hot-rolled stainless steel plate. At first, Shanxi Taigang Stainless Steel filed a complaint, along with the support of five other manufacturers which included a subordinate of industry giant Baosteel. According to the complaint, in 2017, China imported 703,105 tonnes of such products, increased 189% from the last year and 98% of which emanated from the regions targeted by the inquiry. Even the domestic industries of China that produce the identical products underwent considerable damage and threats of extensive damage. It accused huge importing and dumping for having a clear negative impact on the domestic product prices. In 2017, Shanxi Taigang reported for 25 to 35 % of the country’s total stainess steel production and by far, China is the world’s largest producer of steel with more than 831 million tonnes in 2017.