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Sancho Panza

Eu To Impose Anti-Dumping Duties On China, Taiwan Stainless Steel

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Reuters 25.3.15

'(Reuters) - The European Union will impose punitive anti-dumping duties from Thursday on imports of stainless steel cold-rolled sheet from China and Taiwan, according to a notice on Wednesday in the EU's Official Journal.

The EU will apply tariffs of about 24-25 percent for imports from China and of about 11-12 percent for Taiwanese product, following a complaint lodged in May 2014 by the European steel producers association, Eurofer.

Eurofer has said China and Taiwan shipped 620 million euros ($677.7 million) of cold-rolled stainless steel into the EU in 2013, some 17 percent of the overall market, and were guilty of dumping, or selling at unfairly low prices.

The import tariff has been set at 24.3 percent for China's Shanxi Taigang Stainless Steel Co 000825.SZ and Tianjin TISCO & TPCO Stainless Steel Co, 24.5 percent for other cooperating companiesicon1.png and at 25.2 percent for China's Baosteel Stainless Steel Co (600019.SS), Ningbo Baoxin Stainless Steel Co and other Chinese companies.

For Taiwanese manufacturers, the rates are 10.9 percent for Tang Eng Iron Works Co, Yieh United Steel Corp (Yusco) (9957.TWO) and cooperating companies and at 12.0 percent for Chia Far Industrial Factory Co and other companies that did not cooperate with the EU investigation.

A parallel investigation into alleged illegal subsidies for Chinese producers is also due to end in September.'

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One man's 'dumping' is another man's surplus stock.

Would we complain if they disallowed discounting of last minute seats on planes?

Has the EU regularly dumped its surplus food mountains on Africa and the world at regular intervals to try and maintain high prices at home?

To block Africa from EU markets and then to dump agricultural products on them is totally reprehensible and laughable when they go about hand wringing for handouts.

That's agriculture this is steel. You see totally different to policy makers and French farmers don't make steel.

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So it's not such a global economy then.

China's massive excess steel capacity is just one more consequence of central bank Ponzi economics. At the turn of the century China had around $1 trillion of credit debt outstanding, 14 years of 'borrow and build' aggregate demand pumping later that sum is $25 trillion. 25x debt growth in half a generation! So China is now on the cusp of the greatest margin call in history as their Red Kapitalist credit rampage blows apart at the seams and quite naturally Chinese steel producers have been dumping their excess stock on international markets to defer the day of reckoning. It was simply a matter of time before the rest of the world caught up with them and retaliated.

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China's massive excess steel capacity is just one more consequence of central bank Ponzi economics. At the turn of the century China had around $1 trillion of credit debt outstanding, 14 years of 'borrow and build' aggregate demand pumping later that sum is $25 trillion. 25x debt growth in half a generation! So China is now on the cusp of the greatest margin call in history as their Red Kapitalist credit rampage blows apart at the seams and quite naturally Chinese steel producers have been dumping their excess stock on international markets to defer the day of reckoning. It was simply a matter of time before the rest of the world caught up with them and retaliated.

Ok and indeed but cheaper prices was supposed to be one of the benefits of globalisation.

If it's turning out to be not such a good thing then it looks like their earlier ideas were pretty much rubbish - again.

Preventing what they describe as dumping seems to benefit eu manufacturers/owners and suchlike but doesn't mitigate the other effects of globalisation like lower wages/standard of living for people in the West in general.

The other thing is that steel being a component of house construction (admittedly a small proportion) so that won't help house prices - stainless steel today just steel tomorrow. It'll likely be used as another excuse for high house prices.

Edited by billybong

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I'm guessing this is at the behest of the Germans for the main benefit of the germans.

Same happened with solar panels a year or so back...

http://www.bbc.co.uk/news/world-europe-23475584

Germans upset the chinese were undercutting them. Demand this stop. We don't have much solar panel manufacturing, but being in the EU, we get to pay higher prices with no benefit on the jobs side.

I'm actually not completely against it, it seems unfair developing world producers who dont have to abide by many regulations compete in the same market against our producers who have to spend millions on elf and safety (fine) environment regs (sometimes necessary) and diversity monitoring (wtf) its just how certain industries (ie the ones the germans have a vested interest in) are protected and others not.

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I'm guessing this is at the behest of the Germans for the main benefit of the germans.

Same happened with solar panels a year or so back...

http://www.bbc.co.uk/news/world-europe-23475584

Germans upset the chinese were undercutting them. Demand this stop. We don't have much solar panel manufacturing, but being in the EU, we get to pay higher prices with no benefit on the jobs side.

I'm actually not completely against it, it seems unfair developing world producers who dont have to abide by many regulations compete in the same market against our producers who have to spend millions on elf and safety (fine) environment regs (sometimes necessary) and diversity monitoring (wtf) its just how certain industries (ie the ones the germans have a vested interest in) are protected and others not.

Very good point.

Having said that this country revels in sutting down capacity and championing foreign ownership of, or foreign access to the rest so we will deserve what we eventually get.

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I would rather the imports of stuff like steel were allowed to be cheap (Britain has already gone through the phase of the decline in its steel industry along with all those jobs) and house prices were also allowed to fall and suchlike.

Then British people might have a chance to start to compete on developing more advanced technologies on a big scale.

It'll never happen of course because it would compete with the banking/financial sector and the other existing corporates.

Better to just print the money off.

Edited by billybong

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