Russia to Levy Anti-dumping Duty on China Stainless Steel

29/06/2010 12:00 - 497 Views

BEIJING, Jun 23, 2010 (SinoCast Daily Business Beat via COMTEX) --

Following the US, Russia has started cracking down on the steel export from China. The Russian Industry and Trade Ministry decides to collect a 29.9% anti-dumping duty from Mainland China's biggest stainless steelmaker, Taiyuan Iron and Steel (Group) Co., Ltd. (TISCO).

Meanwhile, Yeun Chyang Industrial Co., Ltd. of Taiwan is required to pay a 29.9% anti-dumping duty for Russia.

The Russian regulator also agrees to levy an anti-dumping duty of 62.8%, 21.1%, and 33.3% on the stainless steel exported by South Korean, Brazilian, and South African companies, respectively. Amongst them, POSCO of South Korea needs to burden an only 4.8% anti-dumping duty.

Russia's stainless steel anti-dumping duty collection is advised to last five years. From 2004 to 2007, the country aggregately imported 28,800 tons of nickel-bearing stainless steel plate, with a 430% skyrocket year on year, and total imports from China largely rose 335.6% from 2006 to 2008.

TISCO is very likely to cut production next, because its stainless price has been as low as the normal cost, said people in the know.

Posted on: Wed, 23 Jun 2010 07:25:55 EDT

Source: www.tradingmarkets.com