Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
The move follows a petition filed on May 12 by Nippon Steel and other domestic manufacturers, who claim they have been forced to lower prices due to weakening domestic demand, as buyers have shifted to cheaper imports.
The Ministry of Economy, Trade and Industry and the Ministry of Finance plan to complete the investigation within a year, after which they will decide whether to impose anti-dumping duties.
According to the application submitted by the steelmakers, imported products were being sold in Japan at prices 20 to 50 per cent lower than those in China and three to 20 per cent lower than those in Taiwan.
The Japanese steelmakers claim that they have been unable to set prices that reflect rising costs, leading to a decline in operating profits and other damages.
Excess production and exports by Chinese steelmakers have become an international concern.
Japan is among a number of countries that have criticised Chinese companies for receiving government subsidies to produce excess steel and then exporting it at cheap prices, worsening global market conditions.
While other countries have imposed anti-dumping measures or similar actions against China, Japan has yet to do so.
Tadashi Imai — chairman of the Japan Iron and Steel Federation and also president of Nippon Steel — has repeatedly warned that the global rise in protectionism could leave Japan vulnerable to inexpensive steel imports, hurting domestic production.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
22 minutes ago
- The Star
US-China set to meet with extension of tariff pause on the cards
STOCKHOLM/WASHINGTON: Top economic officials from the United States and China are set to renew negotiations Monday (July 28) -- with an extension of lower tariff levels on the cards -- as President Donald Trump's trade policy enters a critical week. Talks between the world's top two economies are slated to happen over two days in the Swedish capital Stockholm, and they come as other countries are also rushing to finalise deals with Washington. For dozens of trading partners, failing to strike an agreement in the coming days means they could face significant tariff hikes on exports to the United States come Friday, Aug 1. The steeper rates, threatened against partners like Brazil and India, would raise the duties their products face from a "baseline" of 10 per cent now to levels up to 50 per cent. Tariffs imposed by the Trump administration have already effectively raised duties on US imports to levels not seen since the 1930s, according to data from The Budget Lab research centre at Yale University. For now, all eyes are on discussions between Washington and Beijing as a delegation including US Treasury Secretary Scott Bessent meets a Chinese team led by Vice Premier He Lifeng in Sweden. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. But the 90-day truce, instituted after talks in Geneva in May, is set to expire on Aug 12. Since the Geneva meeting, the two sides have convened in London to iron out disagreements. "There seems to have been a fairly significant shift in (US) administration thinking on China since particularly the London talks," said Emily Benson, head of strategy at Minerva Technology Futures. "The mood now is much more focused on what's possible to achieve, on warming relations where possible and restraining any factors that could increase tensions," she told AFP. Talks with China have not produced a deal but Benson said both countries have made progress, with certain rare earth and semiconductor flows restarting. "Secretary Bessent has also signalled that he thinks a concrete outcome will be to delay the 90-day tariff pause," she said. "That's also promising, because it indicates that something potentially more substantive is on the horizon." The South China Morning Post, citing sources on both sides, reported Sunday that Washington and Beijing are expected to extend their tariff pause by another 90 days. Trump has announced pacts so far with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines, although details have been sparse. An extension of the US-China deal to keep tariffs at reduced levels "would show that both sides see value in continuing talks", said Thibault Denamiel, a fellow at the Centre for Strategic and International Studies. US-China Business Council President Sean Stein said the market is not anticipating a detailed readout from Stockholm: "What's more important is the atmosphere coming out." "The business community is optimistic that the two presidents will meet later this year, hopefully in Beijing," he told AFP. "It's clear that on both sides, the final decision-maker is going to be the president." Sweden's Prime Minister Ulf Kristersson said both countries' willingness to meet was a "positive development". For others, the prospect of higher US tariffs and few details from fresh trade deals mark "a far cry from the ideal scenario", said Denamiel. But they show some progress, particularly with partners Washington has signalled are on its priority list like the EU, Japan, the Philippines and South Korea. The EU unveiled a pact with Washington on Sunday while Seoul is rushing to strike an agreement, after Japan and the Philippines already reached the outlines of deals. Breakthroughs have been patchy since Washington promised a flurry of agreements after unveiling, and then swiftly postponing, tariff hikes targeting dozens of economies in April. Denamiel warned of overlooking countries that fall outside Washington's priority list. Solid partnerships are needed, he said, if Washington wants to diversify supply chains, enforce advanced technology controls, and tackle excess Chinese capacity. - Reuters
New Straits Times
22 minutes ago
- New Straits Times
Infineon investment lifts Malaysia as chip hub, creates 1,500 jobs
KUALA LUMPUR: Infineon Technologies' mega investment has not only positioned Malaysia as a global semiconductor manufacturing hub but will also generate 1,500 high-income jobs for Malaysians, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said Prime Minister Datuk Seri Anwar Ibrahim had announced Infineon's RM30 billion potential investment during a trade and investment mission to Germany, following a meeting with the company's top management. "That potential has now become a reality. Infineon Technologies, the German semiconductor giant, has commenced an additional RM30 billion investment to build the world's largest 200mm Silicon Carbide (SiC) Power Fab at the Kulim Hi-Tech Industrial Park in Kedah. "The first phase of the plant has not only been completed, it is already operational. The launch of this facility reflects the state government's recognition of the federal government's efforts in attracting further investment to Kedah," he said in a post on X. He added that Infineon's commitment also extends to supporting local small and medium enterprises through its local vendor development programme, launched on Jan 15, 2025, which has benefited 139 local companies. "This is a highly significant investment and a clear sign of Infineon's confidence in Malaysia. From potential, we have made it a reality," added Tengku Zafrul.
The Star
an hour ago
- The Star
Most markets rise, euro boosted after EU strikes US trade deal
HONG KONG: Most stock markets rose with the euro Monday (July 28) after the European Union and United States hammered out the "biggest-ever" deal to avert a potentially damaging trade war. News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 per cent would be levied on EU exports to the United States. "We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase "US$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. "It's a good deal," von der Leyen said. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic." The news boosted the euro, which jumped to $1.1779 from Friday's close of $1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one percent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five per cent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. "The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities," said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. - AFP
