Imports within the second period of Chinese quotas surge

Imports within the second period of Chinese quotas surge

With the increase given by the Ministry of Commerce (MOFCOM) to the import quotas from May 24, for the five steel products under the steel safeguard measures, the imports appear to have boosted through North China's Tianjin Port, based on the Tianjin Customs data. In the week beginning May 24, i.e. the beginning of the second period of tariff measures, the imports of steel products through the Tianjin Port including the restricted products under the safeguards totaled 164'000 tons, with a surge of 537% compared to the same week of the past year. The value of these imports amount to $80 million, with a rise of 527% year-on-year. During the first five months of the year, 131'400 tons of steel products entered into the customs bonded area at Tianjin Port which is 17.8 times higher than the last year same period. This is done in view of the new import quotas. Steel products transported into the bonded area from overseas are not considered imports until they go through the customs clearance process by the local customs office. The five steel products included under the safeguard tariff rate quotas are hot rolled steel sheets, cold rolled steel sheets and strips, color-coated sheets, non-oriented silicon steel and cold rolled stainless steel sheets and strips. The second period of import quotas released by MOFCOM is valid from May 24, 2003 through to May 23, 2004.