Chinese steel products are facing increasing pressure in the international market, as more countries take trade remedy measures against imports from China.
Last month, U.S. Steel lodged a complaint with the U.S. International Trade Commission under Section 337 of the Tariff Act of 1930, against 40 Chinese steel producers and their distributors. Experts say the two countries should improve dialogue and communication on global steel overcapacity.
CCTV’s Hou Na reports.
More nations tighten trade regulations against Chinese steelChinese steel products are facing increasing pressure in the international market, as more countries take trade remedy measures against imports from China. CCTV’s Hou Na reports.
In 2015, Chinese steel exports were the subject of 37 investigations worldwide. The United States is one of the main battlefields.
“Over the past years. the U.S. has launched over 30 anti-dumping and anti-subsidy investigations against China. However, China’s steel exports to the U.S. account for only less than two percent of the US steel market share,” Xu Xiangchun, chief analyst for website Mysteel.com said.
Xu also said that blaming China for the slumping iron and steel market in the U.S. is unfair.
Figures indicate that the U.S. is not a main market for China. According to the China Iron and Steel Association, Asia accounts for over 70 percent of China’s main export market in this industry. The EU is less than eight percent, and the U.S. is less than two.
In recent years, the government has implemented measures such as export tariffs on some steel products to reduce exports. China is also working on broadening areas for steel consumption.
EU tries to save steel industry with improved rules
The European Union has introduced a prior system for the import of steel products; meaning foreign steel now needs an import license. The move is aimed at protecting jobs in Europe’s steel industry. Steelworkers’ unions say Chinese steel is being sold to Europe at below cost price, leaving European production unable to compete.
CCTV’s Elena Casas reports from Brussels.
EU tries to save steel industry with improved rulesThe European Union has introduced a prior system for the import of steel products; meaning foreign steel now needs an import license. CCTV’s Elena Casas reports from Brussels.
Eugen Weinberg on the state of the global steel industry
For more on China and the global steel industry, CCTV America’s Rachelle Akuffo spoke with Eugen Weinberg, head of commodity research at Commerzebank AG.