Japan has taken up cheap steel imports: the investigation will last a year
Japan has launched an anti-dumping investigation into imports of major steel products from China, South Korea and Taiwan. This is reported by Bloomberg.
According to the country's Ministry of Trade and Finance, it will cover imports of hot-rolled and cold-rolled coils, strips, and sheet steel.
The investigation was initiated by leading Japanese steel producers, in particular Nippon Steel and JFE Steel. It is expected to last a year.
According to the agency, this reinforces signs of trade tension in the steel sector, which is suffering from a global overcapacity.
In a February trade investigation filing, Japanese steel producers claimed that the targeted products were being sold to Japan at up to 50% below their normal cost. Flat rolled products are widely used in various industries, from the automotive and consumer industries to mechanical engineering and packaging.
In addition, the industry association noted that the country's metallurgists will continue efforts to monitor unfair import practices, not limited to products that are the subject of a newly launched investigation. In addition, they will consult with the Japanese government, whenever necessary, on further trade protection measures.
Last year, Tokyo already launched an investigation into the import of certain types of coated steel and stainless steel from these countries.