The Ministry of Commerce of China announced a significant increase in the rates of import anti-dumping duties on certain grades of stainless steel from the EU, Japan, South Korea and Indonesia. The Chinese department reported this on Monday, July 22. According to the ministry, from July 23, import duty rates for these products will range from 18.1 to 103.1 percent.
The new rules will primarily concern stainless steel billets and hot-rolled sheets and coils. Last year, the Chinese authorities launched an anti-dumping investigation due to the rapid fall in steel prices on the domestic market. China today accounts for about half of the world's steel production and consumption.
China took such a step against the backdrop of a long trade dispute with the United States. Washington accuses Beijing of violating free trade rules and imposed import duties on various products worth several hundred billion dollars. American President Donald Trump has generally threatened to impose a significant import duty on all imports from China. These steps by the United States led to a significant slowdown in the growth rate of the Chinese economy.
