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The export of Chinese iron and steel products once again triggers trade frictions, which may frustrate the plan to enter the international market and resolve the overcapacity in the steel industry. In China, the problem of overcapacity in the steel industry is serious. The data shows that as of the end of 2012, the capacity utilization rate of the Chinese steel industry was only 72%, which was obviously lower than the international average level.
In a document previously published by the Chinese government, it will consolidate and expand the international market as one of the means to resolve excess capacity. However, this effort was subjected to "foreign" pressure. The Ministry of Industry and Trade of Vietnam recently announced that it has imposed a temporary anti-dumping duty on cold-rolled stainless steel produced in mainland China, Taiwan, Indonesia, and Malaysia since January 25, 2014, and lasted for 120 days.
On July 2, 2013, the Ministry of Industry and Trade of Vietnam issued an announcement stating that in response to applications from its domestic industries, it decided to initiate anti-dumping investigations on cold-rolled stainless steel products imported from mainland China, Taiwan, Indonesia, and Malaysia.
Vietnam Iron and Steel Association believes that the current domestic cold-rolled stainless steel production capacity has exceeded its total demand.
However, according to Vietnamese media reports, due to the fact that the price of stainless steel in Vietnam is 10%-20% higher than the international market price, low-priced steel raw materials in mainland China, China Taiwan and other places have become the main imported products of Vietnamese steel companies.
The imposition of anti-dumping duties will lead to an increase in the import prices of relevant stainless steel products in Vietnam and affect China’s exports of steel products to Vietnam.
In fact, this is just one of the many anti-dumping cases that Chinese steel products have encountered. In December 2013, Thailand made a final ruling on the anti-dumping case of cold-rolled stainless steel imported from China, and decided to impose an anti-dumping tax of 0% to 33.32% on Chinese export enterprises.
In April of the same year, the Eurasian Economic Commission issued an announcement adjudicating the imposition of a five-year anti-dumping duty on cold-rolled stainless steel seamless pipes produced in China at a rate of 19.15%. The case involved China’s export exceeding 50 million U.S. dollars.
In recent years, the overcapacity in China has not been improved. The elimination of outdated production capacity has led to a rise in steel production capacity. This is partly related to China's extensive development, and low-value-added products still account for In the mainstream, although major domestic steel mills have eliminated low-value-added products and increased the proportion of high-value-added products in recent years, the situation is still not obvious. In the later period, it is negligible that domestic companies want to digest production capacity through exports.
May 15, 2019