Trade Probes Into Chinese Steel Up Year On Year

Chinese steel saw more trade remedy probes during the first 11 months of 2016 than the previous year, an official said on Friday.

A total of 41 investigations were launched over steel products imported from China by 16 countries and regions, up 24 percent year on year, and involving products worth 6.8 billion U.S. dollars, Shen Danyang, a spokesperson of the Ministry of Commerce, said during a press conference.

"Members of the World Trade Organization have the right to initiate such investigations, but they must strictly observe related rules and fully ensure the legal rights and interests of Chinese companies," Shen said.

Given the worldwide steel overcapacity, many countries have resorted to protectionism and blamed Chinese steel for their domestic economic woes, instead of pressing ahead with reforms.

"The world should work together to face the problem, rather than just targeting China," Shen said.

China has made steady headway in downsizing its own steel production. The industry slashed 45 million tonnes of capacity in the Jan.-Nov. period ahead of schedule, and regulators have shut down illegal projects and guaranteed there will not be any illegal new steel mills.

In fact, China digests most of its steel production. In the first ten months, China exported 92.63 million tonnes of steel, up only 0.5 percent from a year ago.

Source: Xinhua