Abstract According to the Wall Street Journal, with the slowdown in economic growth, China’s domestic demand has shrunk, and surplus steel produced by Chinese steel companies has flocked to the international market. This has made the United States, Europe, India and other steel companies around the world extremely dissatisfied, and have called on their governments to China...
According to the Wall Street Journal, with the slowdown in economic growth, China’s domestic demand has shrunk, and surplus steel produced by Chinese steel companies has flocked to the international market. This has made the United States, Europe, India and other steel companies in many countries extremely dissatisfied, and they have called on their governments to take countermeasures against Chinese steel. China's surplus steel exports to the sea is subverting the global steel industry, and foreign steel producers have begun to take a number of measures to defend their territory. In the United States, the world's second-largest steel consumer, there has been a new wave of layoffs in the steel industry. Steel giants such as US Steel and Nucor have called on the government to take action to protect the country's steel industry. In January of this year, China’s steel exports surged 63% year-on-year to 9.2 million tons. Last year, China's annual steel exports reached 82.1 million tons, a surge of 59% from 2013. China's steel production has already equaled the combined output of all other countries in the world, and the economic slowdown in the Mainland will inevitably lead to the surging of surplus steel.
A number of US steel giants said they will attend a US Congress hearing later this month, and trade lawyers said the move meant that the steel industry would at least file an anti-dumping complaint with the US International Trade Commission. In January of this year, China’s steel exports to the United States jumped 40% from the same period last year, causing the already low price of steel to fall again.
Rohcet Hamp, executive vice president of ArcelorMittal Europe, revealed that European steel company executives met with EU trade commissioner Cicilia Mamstrom last week to demand more tariff protection Measures. Although the United States and the European Union have already adopted tariff measures on some steel products in China, steel companies complain that protection is not enough.
Debbie Sean, vice president of international trade affairs at the US Steel Corporation, said that the US government requires local companies to prove that they have suffered from the impact of Chinese steel, but this standard is not reasonable. "We must get the government after we bleed." Relief." Last week, US steel companies cut 614 jobs, and six factories have been shut down since 2014. An EU spokesperson said that six investigations have been launched, which may eventually lead to tariffs on fasteners, steel wire and other products.
In December last year, Hyundai Steel and Dongkuk Steel Group recommended that the government increase the anti-dumping duty rate on Chinese steel from 18% to 33%. The Australian Anti-Dumping Committee is investigating allegations of dumping low-priced steel in Asian countries such as China. Industry Minister McFarlane said that some countries have made minor changes to steel products, or bypassed Australia's anti-dumping laws by a third country. The US steel company also complained that China first shipped steel to South Korea and then to the US market.
Jayant Acharya, commercial director of Indian steelmaker JSW Steel, said that between April 2014 and January 2015, India’s imports of some low-priced steel products in China soared by nearly 200%, some local steel producers. Trade protection measures including tariff increases are being sought. Acharya believes that the Indian steel industry will certainly call on the government to take measures. For example, in October last year, a certain steel product with a price of 550 US dollars per ton, China's imports can be as low as 150 US dollars. Last year, China’s steel exports to India doubled to 2.8 million tons.
Some producers worry that the worst is still behind. Analysts said that the demand for real estate and infrastructure construction in China is likely to continue to be under pressure in the next few years, and China's domestic absorption of steel products is worrying. Zou Jiming, an analyst at Moody's Investors Service, said that Chinese steel companies have absorbed a large number of employed people and are an important source of tax revenue. Even if they suffer losses, they are unlikely to shut down or cut production.
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