Asian exporters are not disappointed by Chinese duties

Asian exporters are not disappointed by Chinese duties

As previously reported by SteelOrbis, Chinese government implemented anti-dumping duties on cold rolled steel products to be in effect as of January 14, 2004. In line with the new determination, among the exporter countries, which would be affected from these duties, Taiwanese exporters, which are not listed separately are subject to 55% tariff, Korean exporters are subject to 40% tariff. According to recent statement released from Taiwanese government, the tariffs will have little effect on Taiwanese steel exports as the exports to China are re-exported and exempted from the tax. Moreover, an official from China Steel Corporation (CSC), whose exports are subject to 24% levy, expressed that 90% of cold rolled products of CSC is exported to China to be re-exported, hence they are not subject to anti-dumping duties, adding that the Chinese steel imports that are not sold in domestic market are subject to taxes, however the money spent is gained again while they are re-exported. Furthermore, Taiwanese Bureau of Foreign Trade (BOFT) explained that no complaint is submitted by Taiwanese steel producers about Chinese tariffs to World Trade Organization (WTO). Meanwhile, Indian producers expressed that they are pleased with these duties, believing that the duties will increase Indian exports. On South Korean side, exporters stated that they are not disappointed with the duties, as they have been expecting the duties since September and more importantly, the country's biggest producer POSCO is exempted from the duties, as it is not selling its cold rolled products below market level in China.