Russia obtains approval from China for CR export

Russia obtains approval from China for CR export

According to latest news in the market, it is stated that since China government announced that it will not impose any anti-dumping duties against imports of cold rolled steel products from Russia, country's steel producers export their goods into China at ease. During the negotiations held between China and Russia this week, penalty duties of 7% for Novolipetsk, 9% for Severstal, 18% for Magnitogorsk and 29% for other Russian producers/exporters are determined to be suspended. According to the announcement made by officials of Severstal, as Russian exports are subject to tariffs quota, with the permissable 804'000 tons of cold rolled products, they think that implementation of the duties will be unjust. It is also stated that, as consumption in China is fast, Russian exports are not giving any material injury to Chinese local industry. Meanwhile, between the two governments, a protocol about improving procedures for early identification and elimination of trade disputes is signed.