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China’s Ministry of Commerce announced yesterday that it will review and terminate the punitive tariffs on some imported stainless steel products originating from the European Union, Japan, South Korea and Indonesia in mid-2019.
The Ministry of Commerce said in a statement that it will investigate imports of stainless steel billets and stainless steel rolled products from the above countries for a period of one year.
The goal is to determine whether injury from “dumping” (selling at prices below production costs) will continue or repeat if the duties are eventually withdrawn after the five years initially foreseen.
In 2019, Beijing imposed tariffs of up to 103.1% on some South Korean companies that imported these products. For the EU and UK, the rate was 43%.
Stainless steel billets and hot-rolled stainless steel are mainly used as raw materials to manufacture cold-rolled stainless steel products, or used in shipbuilding, container, railway, energy and other industries.
In recent years, the European Union and some countries have called on Beijing to restructure its saturated steel industry – China is by far the world’s largest steel producer – and prevent steel products from being sold below cost.
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