China’s Commerce Ministry is investigating the possible dumping of stainless steel imports from the EU, Japan, South Korea and Indonesia, Reuters reports.
China imported 703,000 tonnes of stainless steel billet and hot-rolled stainless steel in 2017, doubling from the previous year as a result of a 23% cut to import prices to $1,867 a tonne. Roughly two-thirds of China’s steel imports – the largest steel import market in the world – came from Indonesia.
A complaint by Chinese Shanxi Taigang Stainless Steel along with four other mills preceded the probe, with Shanxi saying a rapid increase in imports to China has damaged the local market.
“If we allow these products to continue to enter the Chinese market with low prices and take more market share, sales of China’s domestic products will continue to decrease,” the complaint read.
The complaint targets eight foreign steel producers, including firms from Spain, Luxembourg and Finland. Several Chinese firms with mining operations in Indonesia were also implicated.