China moving to protect its steel industry
China is making moves to protect its domestic steel industry, sources report. Officials say the move comes after
China experienced a large surge in imports and a drop in exports. Now, as a result,
China's Iron and Steel Association is requesting that the government restrict steel imports to protect its domestic steel industry.
Chinese officials state the move is in line with that of many other countries who are busy creating their own safeguard measures since the Bush administration's call for tariffs. The problem lies in the fact that major steel producers in
China have seen their profits drop by more than half, in over a one-year period while Chinese steel exports plunged to 1.19 million tons in Q1.
More than half of
China's imports of billets and rolled steel products arrived into the country in March in amounts that were quoted as the highest figures in recent years.