US im­poses 266pc duty on im­ports of steel from China

The Pak Banker - - 6BUSINESS -

WASH­ING­TON: Pro­duc­ers in China and six other coun­tries sold cold-rolled steel at un­fairly low prices in the U.S. mar­ket and will be taxed as much as 266 per­cent on the price, the Com­merce Depart­ment said in a pre­lim­i­nary de­ci­sion on Tues­day. The govern­ment im­posed tar­iffs of 266 per­cent on im­ports from China, with goods from Brazil, In­dia, South Korea, Rus­sia, Ja­pan and the U.K. also sub­ject to du­ties. Ship­ments from Brazil will face 39 per­cent penal­ties, and South Korean pro­duc­ers will face taxes of as much as 6.9 per­cent.

This is the se­cond time since De­cem­ber that the U.S. govern­ment has pe­nal­ized for­eign steel pro­duc­ers, in­clud­ing Chi­nese mills, for sell­ing the metal in the U.S. at un­fairly low prices, or dump­ing. Do­mes­tic pro­duc­ers in­clud­ing Nu­cor Corp. and U.S. Steel Corp. be­gan fil­ing trade cases ac­cus­ing some global com­peti­tors of un­fair sub­si­dies and other il­le­gal trade prac­tices in June.

U.S. pro­duc­ers have filed cases ac­cus­ing for­eign steel­mak­ers of dump­ing and sub­si­diz­ing four va­ri­eties of steel prod­ucts. In De­cem­ber, the govern­ment found that China, In­dia, Italy and South Korea had dumped cor­ro­sion-re­sis­tant steel in the U.S. and levied taxes of 256 per­cent on im­ports from China. Other du­ties ranged from 3 per­cent to 9 per­cent. The du­ties may not sat­isfy do­mes­tic pro­duc­ers, said Caitlin Web­ber, a Wash­ing­ton­based an­a­lyst at Bloomberg In­tel­li­gence.

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