China imposes tariffs on stainless steel from the EU since Tuesday

From this Tuesday, China will impose tariffs on imports of some stainless steel products from the European Union (EU), as well as Japan, South Korea and Indonesia , considering that they carried out dumping practices at the same time. sell below cost, causing “substantial damage” to the local industry , as announced by the Ministry of Commerce of the Asian giant.

China had already announced these ‘anti-dumping’ measures, but provisional, to several stainless steel products from these areas in March 2019. “These measures again show the excess production of stainless steel in some Asian countries, in particular after the significant increase in production in Indonesia For Acerinox , Asia accounted for 12.5% ​​of its sales in 2018 and has already adjusted its investment in Barhu at the end of last year, “explain the Bankinter experts.

The main markets for Acerinox are the US (47.3% of its sales in 2018) , which imposed tariffs at the beginning of 2018, and Europe (34.7% of its sales) which, in turn, took measures to safeguard the end of 2018, final in February 2019. “The normalization of inventories in both areas is one of the main variables for Acerinox, although confirmation of China’s measures shows that excess production in Asia is maintained ,” they stress. from the bank.

According to the Chinese Ministry, the fixed rates will range from 18.1% to 103.1% during an initial period of five years.

Chinese trade authorities opened an anti-dumping investigation into imports of stainless steel in billet and rolled steel in July 2018 at the request of Chinese producers, after which it announced its preliminary decision to set these tariffs last March , on which you have taken this final decision.

Anthony Rankin

I am Anthony Rankin and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind BPL and a professional daytrader. I will be providing technical analysis of various stocks on BPL.

Latest posts by Anthony Rankin (see all)