China

Chinese Steel Could Be Tariff-Free as UK Fears Shortage

 

London is planning to reverse an anti-dumping action against Chinese steel as the country faces an import shortfall caused by Russia’s war on Ukraine.

Britain’s Trade Remedies Authority (TRA) said plunging stocks from Russia, Belarus and Ukraine have created a crisis in the construction industry.

TRA said maintaining the six-year-old curbs against Chinese steel would not be in the economic interests of Britain given high demand for steel.

Russia, Belarus and Ukraine supplied 27% of Britain’s rebar imports in 2020-21, the TRA said, and this would drop substantially as a result of Russia’s invasion of Ukraine and Britain’s subsequent sanctions against Moscow and Minsk.

The TRA said keeping the measures on the Chinese steel – known as HFP Rebar – would have a “severe” economic impact on Britain.

“Our judgement is that the impact on the British economy of higher prices would significantly outweigh the impact on the sole UK producer of rebar of removing tariffs on Chinese imports,” TRA chief executive Oliver Griffiths said.

 

  • Reuters, with additional editing by George Russell

 

 

READ MORE:

Nippon Steel to Launch Carbon-Neutral Production in 2024

India’s Tata Steel Halts Coal Imports from Russia

Lockdown in China’s Tangshan Prompts Jump in Steel Prices

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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