Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
The move follows a petition filed on May 12 by Nippon Steel and other domestic manufacturers, who claim they have been forced to lower prices due to weakening domestic demand as buyers have shifted to cheaper imports.
The Ministry of Economy, Trade and Industry and the Ministry of Finance plan to complete the investigation within a year and will then decide whether to impose anti-dumping duties.
According to the application submitted by the steelmakers, imported products were being sold in Japan at prices 20 per cent to 50 per cent lower than those in China and 3 per cent to 20 per cent lower than those in Taiwan.
The Japanese steelmakers claim they have been unable to set prices that reflect rising costs, leading to a decline in operating profits and other damages.
Excess production and exports by Chinese steelmakers have become an international concern.
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Japan is among a number of countries that have criticised Chinese companies for receiving government subsidies to produce excess steel and then exporting it at cheap prices, worsening global market conditions.
While other countries have imposed anti-dumping measures or similar actions against China, Japan has yet to do so.
Tadashi Imai, chairman of the Japan Iron and Steel Federation and also president of Nippon Steel, has repeatedly warned the global rise in protectionism could leave Japan vulnerable to inexpensive steel imports, hurting domestic production.
Taiwan's economy ministry, in a statement sent to Reuters, said when it came to such cases it would help impacted companies respond 'in order to protect their export interests.'
China's commerce ministry did not immediately respond to a request for comment. REUTERS
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