Shanghai Securities News reported that Russian enterprises were pushing their government to impose anti dumping duties on Chinese fastener.

Mr Xu Deren executive vice chairman of Haiyan Fastener Industral Institute of China said that "Following EU's stiff anti-dumping duties on Chinese fastener, Russia's MMK and JIS Severstal also ask their government for guarantee measures investigation on Chinese resource. It will further impact China's gloomy fastener export if Russia approves such proposal."

As a matter of fact, Chinese organization constituted by Bureau of Fair Trade for Import and Export, Fastener Institute of China General Machine Components Industry Association and CCCME had gone to Russia in the purpose of negotiating with Russia on this point in early Mar.

Fortunately, MMK is likely to abandon its accusation at present, which is good news to Chinese fastener enterprises. Mr Zhang Feng said "Export value of fastener in Jiaxing city has witnessed a sharp drop this year. The value in Jan only totaled at USD 47.38 million down by 32.4%YoY that for February went at USD 23.78 million down by 49.5%MoM among others, export value to EU tumbled by 66.1%."

Mr Xu said "EU is one of the largest destinations of Chinese faster. About 10%-15% of Chinese resources were designed for export to EU in the past. However, citing the high anti-dumping duties, Chinese enterprises are considering building up new factories in the third countries and then export to EU. Some companies in Ningbo even mull over putting investment into Malaysia, while those in Haiyan decide to invest in Thailand or Cambodia."

Of course, much more enterprises pin their hopes on the domestic market. According to the statistics, Hanyan Yuxing Nuts Co turned 60% to 70% of its capacity to domestic market in this January and Zhejiang Zhapu Industrial Co is forecasted to eye an increase of CNY 0.3 billion on domestic sales revenue for the whole year.