Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Nippon Steel has formally called on the Japanese government to impose tariffs on steel imports from China, citing concerns over unfair competition and market disruption. The request follows a significant increase in the volume of Chinese steel entering Japan, which Nippon Steel argues is undermining the competitiveness of domestic producers.
In a recent statement, Nippon Steel highlighted that the surge in Chinese steel exports is largely driven by government subsidies and lower production costs. These subsidies enable Chinese steel to be sold at prices that undercut local manufacturers. This pricing disparity has created an uneven playing field, putting considerable pressure on Japanese steelmakers, who are struggling to compete with the influx of cheaper imported products.
The company’s call for tariffs is part of a broader effort to address what it perceives as detrimental effects on the Japanese steel industry. Nippon Steel contends that such trade measures are necessary to protect local jobs, sustain production levels, and ensure fair competition in the market. The firm is advocating for the Japanese government to take decisive action to implement tariffs that would counteract the impact of the rising import volumes from China.
Trade analysts note that while tariffs could help shield domestic steelmakers, they may also increase trade relations between Japan and China. The Japanese government is evaluating the request and considering the potential implications of such a policy change. Discussions are ongoing about the best approach to addressing Nippon Steel's concerns while balancing international trade obligations and economic relationships.
As the situation develops, stakeholders in the steel industry, both in Japan and China, are closely watching for updates on the potential implementation of tariffs and their impact on global steel trade dynamics.
Also Read : Steel and Trade Wars: China, Canada Retaliate Against US Tariff Hikes India and UK conclude negotiations on FTA and Double Taxation Convention.
1️⃣ A 12% safeguard duty on flat steel imports may increase prices by ₹6,000 per tonne.2️⃣ The move...
Business 28-Mar-2025
In 2023, French nuclear operator EDF returned to profitability, reporting a net income of €2.9...
Europe 16-Feb-2024
India's coal production increased by 803.79 MT for FY 2023-24, showcasing a notable surge from the 7...
Energy 09-Feb-2024
The Automotive Research Association of India (ARAI) has certified and approved Gensol Electric Vehic...
Large Corporate 28-Feb-2024
NLC India recorded a consolidated profit of ₹254.10 crore for the quarter ending on December 31, 202...
Mid Corporate 07-Feb-2024
Australian coking coal quotations (FOB Australia) declined by 11.7% over two weeks in March (March 1...
Ferrous 20-Mar-2024