August 19th, 2016
First published on Werewolf
Guess who isn’t taking any visible action to ensure New Zealand isn’t damaged by China dumping its state-subsidized steel glut cheaply here? Here’s what the European Union has put in place:
The EU on August 4 slapped five-year tariffs on cold rolled steel products [from China]ranging from 19.7 percent to 22.1.
Here’s what the Australians did in April:
Import duties will be imposed on “unfairly priced” Chinese steel products by the Federal Government in a bid to help embattled South Australian steelmaker Arrium remain competitive. Industry Minister Christopher Pyne said duties of between 37 per cent and 53 per cent of the export price would apply to “rod in coil”, and between 11 per cent and 30 per cent on reinforcing bar. The move is intended to drive down oversupply of Chinese steel, and is based on recommendations by the Anti-Dumping Commission.
Here’s what the Americans did in June:
The U.S. International Trade Commission found cold-rolled steel products from China and Japan, which the United States imported $431.6 million of last year, were unfairly subsidized and sold for less than fair value. As a result, the U.S. Department of Commerce will slap tariffs of as high as 522 percent on cold-rolled steel from China that’s used to make cars and appliances.
Record volumes of cheap Chinese steel caused a global import crisis that the United Steelworkers union blames for more than 14,500 steelworker layoffs in the United States. The Asian nation exported an unprecedented 112 million tons of steel last year as demand there slowed, flooding world markets and driving down prices in an industry with high fixed costs.
Yet here in New Zealand? Read the rest of this entry »