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 | Friday, April 14, 2000, updated at 09:01(GMT+8) | ||||||||||||
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China Impose anti-dumping on Steel From Japan and S.KoreaChinese trade ministry announced it would impose temporary anti-dumping measures on cold-rolled steel from Japan and South Korea beginning from April 13.The Ministry of Foreign Trade and Economics (MOFTEC) said Thursday in a statement that domestic industry had been harmed substantially by the cold-rolled steel from Japan and South Korea that had been "dumped" on the Chinese market at prices below the cost of production. The dumping margin of Japanese firms range from 26 per cent to 75 per cent and that of South Korean firms range from 6 per cent to 69 per cent, according to the statement. The Chinese Customs will require exporters for cash insurance accordingly, it said. The ministry launched an investigation last June into allegations that nine Japanese, six South Korean firms had been dumping cold-rolled steel in China. It found through the investigation that exports of cold-rolled steel from Japan and South Korea had been on the increase. The market share of such products has grown by ten per cent during recent four years, while the prices has continued to decline. As a result, Chinese steel industry has been forced to lower their products' prices by a big margin and suffered a rapid drop in market share as well as profits, MOFTEC said in the statement. The unemployment in the industry also rose due to the "dumping", it said. Cold-rolled steel, which has a smooth surface and can be painted, is used in bicycles, lawn mower decks, automobiles and household appliances.
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