As major developed nations like the United States and the EU significantly tighten their import regulations on Chinese steel, and with Latin American countries such as Brazil, Mexico, and Chile following suit, it seems that Asian countries are also planning to strengthen their restrictions on Chinese steel imports.
According to a report by the Taiwanese news outlet Liberty Times, the Taiwanese government plans to file anti-dumping lawsuits in response to the surge in Chinese steel products this year.
Taiwan’s Ministry of Finance announced that between January and May, imports of Chinese steel increased by 138% compared to the same period last year, disrupting the domestic steel market. As a result, the ministry is preparing to take legal action with anti-dumping lawsuits.
China, the world’s largest steel producer, saw a 36% increase in steel production last year compared to the previous year. However, due to a significant decline in domestic consumption caused by a real estate market slump, China continues to deal with an oversupply, which has led to increased trade conflicts globally as they export steel at low prices.
Up until the mid-2010s, Chinese steelmakers primarily exported to the United States. However, following steep tariff hikes during former President Donald Trump’s administration, they shifted their exports to countries like India, Vietnam, the UK, and Turkey. Recently, they have focused on South American markets such as Brazil and Chile.
In response to the influx of cheap Chinese steel products, the Chilean government decided in April to impose anti-dumping duties of up to 33.5% to protect its domestic steel industry.
Liberty Times reported that, following similar actions by Mexico and Brazil, Vietnam and India have also launched anti-dumping investigations against Chinese steel. The report added that, given the surge in cheap Chinese steel imports, Taiwan finds it unavoidable to pursue legal action.
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