Monday, November 12, 2007

China urges EU to rethink steel dumping measures.

The Chinese government has urged the European Commission to tread cautiously over the recent anti-dumping complaints from European steel mills, and resist implementing anti-dumping measures against Chinese steel product imports, according to a Ministry of Commerce (MOFCOM) statement released. The statement came after Eurofer, the European Confederation of Iron and Steel Industries, submitted anti-dumping complaints to the European Commission on October 29, against the import of stainless steel cold-rolled flat products and hot-dipped metallic coated steel and strip from China.
“China has seen growing exports of these two types of steel product, with export prices maintaining stability this year. In fact, the increase in exports is completely on the back of increased demand from the European Union market. The EU’s iron and steel industry has a good growth momentum, and Chinese steel products have not caused injury to the EU steel industry,” MOFCOM said.
The Chinese government regrets that anti-dumping complaints have arisen and will pay strict attention to the case in the future, MOFCOM added. The ministry also commented that as Chinese exports supply both EU industry and downstream users, anti-dumping taxes on Chinese steel products will eventually have a negative impact on the EU itself. The Chinese government has expressed its wish to deal with the problem though dialogue between the governments and industries of the two regions, and also wishes to see strengthened cooperation and communication between the Chinese and European steel industries. An Interfax report originating in China pointed out that there was a general pick up in global demand for steel and related products and there is certainly increased demand from EU buyers.
Moreover it is also stressed that the problem does not lie right with supply and demand of steel products only but with the exchange rate of Yuan and its depreciation recently.


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