Bloomberg
Japan has launched an anti-dumping probe into imports of key steel products shipped from Taiwan, China and South Korea, adding to signs of trade stress in a sector suffering from global overcapacity.The anti-dumping investigation would target imports of coil, strip and sheet in hot-rolled or cold-rolled form, the Japanese Ministry of Economy, Trade and Industry and the Japanese Ministry of Finance said in statements yesterday.The probe was requested by major Japanese producers including Nippon Steel Corp and JFE Steel Corp, and came as many countries resort to steel protectionism.
A person walks near steel rolls from China at the Port of Valparaiso in Chile on July 10 last year.
“In Japan as well, the need for appropriate trade remedy measures has become increasingly urgent,” Japan Iron and Steel Federation chairman Masayuki Hirose said in a statement after the government announcements.Tokyo launched probes last year into imports of some coated and stainless steels from some of the same countries.
China, by far the world’s biggest steel producer, has ramped up exports to offset falling domestic demand, triggering trade pushback from Asia to Europe and Latin America. The growth of new steel capacity in Southeast Asia has also added to fierce regional competition that has forced companies to seek new markets.The targeted products were being sold into Japan up to 50 percent below their “normal value,” the Japanese steelmakers said in their application for a trade investigation in February.The so-called flat steels are widely used in sectors from automotive and consumer goods to machinery and packaging.China in February reached a pricing pact with South Korea to resolve an anti-dumping investigation launched by Seoul. Australia early last month imposed tariffs of up to 82 percent on hot-rolled coil from China, while Turkey in December last year levied a 3.95 percent anti-dumping duty on certain Chinese steel products.The latest investigation by Tokyo is expected to conclude in one year, the ministries said.
