CSC Charges China, India, Japan, S. Korea for Dumping in Taiwan

21/11/2011 12:00 - 393 Views

China Steel Corporation (CSC), Taiwan’s leading integrated producer of steel products, has recently filed complaint with the Department of Customs Administration under the Ministry of Finance, charging China, Japan, South Korea, India for allegedly dumping iron and steel in Taiwan, asking the MOF to levy 20% to 50% anti-dumping taxes on such imports.

Institutional investors said not only CSC but also downstream firms will benefit from the anti-dumping charge filed by CSC, though some steel users will face a supply shortage without access to cheap materials.

The MOF will review the dumping charge filed by the CSC and determine in 40 days if an investigation will be launched, then determine a tax rate once all the investigations are complete.

CSC said steel manufacturers in Japan, South Korea, China and India are subsidized, hence able to supply cheap steel to Taiwan to compete unfairly. An industry insider said the continual inflow of cheap steel from abroad has wreaked havoc in production and sales in Taiwan.

A domestic steel trader said CSC has encountered operating losses on specific products since the beginning of the second quarter due to slumping steel prices in the Asian market, while prices for raw materials as coal and iron have continually risen.

2011/11/18

Source: cens.com