As I’ve said, Chinese steel is not going to be allowed to swamp global markets. From Reuters:
The European Commission will launch an investigation by the end of this month into alleged dumping of stainless steel into the European Union by Chinese and Taiwanese producers, a leading executive said.
The case could be the first of a number the European steel industry brings in the coming months to counter record exports from the world’s largest steel producer, China. Manufacturers there are boosting output to new highs, despite a domestic slowdown.
“These trade cases against cold-rolled stainless from China and Taiwan have been brought up to the Commission and to my knowledge the Commission has agreed to file them,” said Wolfgang Eder, chief executive of Austrian steelmaker Voestalpine , and former president of steel industry body Eurofer.
“We are expecting more anti-dumping (action) in the second half. I can confirm imports into Europe are going sharply up,” he said in an interview with Reuters in London.
Meanwhile, in the US:
A threat to steel jobs across the country sparked a rally in Fairfield this afternoon. More than a thousand people came out to the “Save Our Steel Jobs” rally at the US Steel plant.
Congresswoman Terri Sewell, Congressman Spencer Bachus, Congressman Robert Aderholt and several other local officials came out in support of steel jobs. The rally was hosted by the Alliance for American Manufacturing. President of the group, Scott Paul, says steel jobs are at risk because foreign steel is being imported below the market price. ”These domestic producers are getting undercut by steel from Korea that’s getting undercut at below market prices which is not competitive,” Paul explained.
…The US Department of Commerce eventually placed tariffs on steel imported from China. That helped make the playing field more competitive for American steel producers. Now manufactures are asking the Department of Commerce to do the same thing with South Korea.
Different country, same result, more idle steel in North Asia. My goodness iron ore is in trouble.
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