China revaluates safeguard measures implemented on steel
In response to the US S201 action implemented by the Bush administration for the purpose of protecting the local steel industry from the import surge, the Chinese authorities brought temporary safeguard measures against the steel imports into the country in the form of quotas and duties. The duties ranging between 7% and 26% would be applied above the tonnage in excess of the overall quota allowing the imports of approximately 5 million tons. Quotas allowed for cold rolled bar,
wire rod, hot rolled
plate, hot rolled coil,
galvanized sheet and slabs are already fully utilised.
According to reports the Chinese Ministry of Foreign Trade and Economic Cooperation will hold a hearing in order to discuss the situation with regard to these safeguard mesures implemented in May 24, to be effective for 180 days, i.e., until November 20, 2002.
The related parties are invited to submit their reports and opinions on the system of Chinese safeguard measures until September 20, 2002 thereafter these submitted views will be examined by the Chinese authorities, within next week.