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Business Times
an hour ago
- Business
- Business Times
Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
[TOKYO] Japan has launched an anti-dumping investigation into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan, its trade and finance ministries said on Tuesday. 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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 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
Barnama
11 hours ago
- Business
- Barnama
Approved Investments Across Multiple Sectors Reach RM474.2 Bln As Of March 2025
KUALA LUMPUR, July 22 (Bernama) -- A total of RM474.2 billion in approved investments across various economic sectors was recorded between 2024 (full year) and March 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said these investments span the manufacturing, services, and primary sectors, involving 9,238 projects and creating 241,086 job opportunities. 'Domestic investment accounted for the majority of approved investments during this period, totalling RM242.5 billion or 51.1 per cent, while foreign investment made up RM231.7 billion (48.9 per cent),' it said in a written reply published on Parliament's website today.
New Straits Times
16 hours ago
- Business
- New Straits Times
Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
TOKYO: Japan has launched an anti-dumping investigation into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan, its trade and finance ministries said on Tuesday. 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, after which they will 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 to 50 per cent lower than those in China and three to 20 per cent lower than those in Taiwan. The Japanese steelmakers claim that 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. 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 that the global rise in protectionism could leave Japan vulnerable to inexpensive steel imports, hurting domestic production.
Straits Times
16 hours ago
- Business
- Straits Times
Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
Find out what's new on ST website and app. Japanese steelmakers say that they have been unable to set prices that reflect rising costs. TOKYO - Japan has launched an anti-dumping investigation into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan, its trade and finance ministries said on July 22. 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 that 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. 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. Top stories Swipe. Select. Stay informed. Singapore Singaporeans aged 21 to 59 can claim $600 SG60 vouchers from July 22 Singapore Miscalculation of MOH subsidies and grants led to $7m in overpayments, $2m in shortfalls Singapore Singaporeans continue to hold world's most powerful passport Asia Indonesia on high alert as dry weather fans forest, peatland fires in Sumatra Singapore 2 charged over alleged role in posting bail for man who later absconded Singapore Teen charged after allegedly selling vaporisers, advertising e-cigarettes on WhatsApp Singapore 2,500 turtles seized in India and sent back to S'pore, put down humanely after salmonella detected Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving While other countries have imposed anti-dumping measures or similar actions against China, Japan has yet to do so. Chairman of the Japan Iron and Steel Federation Tadashi Imai, who is also president of Nippon Steel, has repeatedly warned that the global rise in protectionism could leave Japan vulnerable to inexpensive steel imports, hurting domestic production. REUTERS
Barnama
17 hours ago
- Business
- Barnama
Johari Calls For Agency Streamlining, Mandatory Registration Of Plastic Recyclers Under MITI
KUALA LUMPUR, July 22 (Bernama) -- Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani today urged a streamlined approach among agencies managing plastic waste and proposed mandatory registration of all plastic recycling companies under the Ministry of Investment, Trade and Industry (MITI) to boost oversight and enforcement. Johari, who is also the Acting Minister of Natural Resources and Environmental Sustainability, said the current system involves fragmented jurisdiction across several agencies, including the Department of Environment, Solid Waste Management Department, MITI and the Customs Department. 'To be effective, these four agencies must come together. I've submitted this proposal to the Ministry of Natural Resources and Environmental Sustainability,' he said during a parliamentary session today. He was responding to Datuk Seri Ibrahim Man (PN–Kubang Kerian), who asked about improving enforcement at plastic recycling plants, some of which are linked to the illegal import of waste. Johari emphasised the importance of thoroughly inspecting all plastic waste containers entering the country and called for stricter monitoring at processing facilities to trace waste back to licensed operators. 'If a container arrives with false declarations, Customs may not catch it immediately. But by monitoring every company processing this waste, we can track which factories receive it and verify their licensing status,' he said. He also raised concerns that only 10 to 20 per cent of imported plastic waste is processed, with the bulk ending up in Malaysian landfills. 'We bear the high cost of landfill management while the exporting countries pay nothing,' he said. To address these challenges, Johari proposed making it mandatory for these companies to register under MITI, ensuring greater transparency through annual license renewals that require audited financial statements detailing sales, exports and market destinations.
