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China’s Ministry of Commerce has chosen to keep the recent anti-dumping duties on imports of stainless steel products from the EU, the UK, Japan, South Korea and Indonesia. The duties on stainless steel billets, sheets and coils originating in the EU, Japan, South Korea and Indonesia are 43%, 29%, 103.1% and 20.2%, respectively. Post-Brexit products from the UK are subject to the same rate as those from the EU.
Safeguard duties of 18.1% and 23.1% were imposed on Japan’s Nippon Yakin Kogyo and South Korea’s Posco Steel, respectively, while Indonesia’s Guang Ching Nickel and Stainless Steel Industry was exempted from paying duties. The initial anti-dumping duties were imposed in July 2019 and were due to expire in July 2024. China launched a review in November last year to make its safeguard measures compliant with the World Trade Organisation agreements.
In the first quarter of 2024, China imported 310.23 thousand tonnes of the relevant products, which is 128% more than in the same period last year. The bulk of imports came from Indonesia, which supplied 97.6 thousand tonnes, which is more than twice the volume of January-March 2023.
China surged its stainless steel production by 12.6% compared to 2022, to 36 million tonnes in 2023. Exports of these products last year were estimated at 4.14 million tonnes, while in 2022 the figure was 4.55 million tonnes. Imports amounted to 2.07 million tonnes, while in 2022 – 3.28 million tonnes. China’s annual stainless steel production capacity reaches 50 million tonnes, and the capacity utilisation rate is about 70%.
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