Dumping is a commercial practice consisting of selling a product below its normal price or even below its production cost in order to obtain competitive advantages.
China, the world’s largest producer and consumer of stainless steel, accounts for around 60% of global supply and demand.
The review, which will be completed in a year, was made in response to a request made in April by some Chinese stainless steel mills, including state-owned Shanxi Taigang Stainless Steel 000825.SZ, which want to maintain the current measures for another five years, according to the ministry.
Beijing has imposed anti-dumping tariffs ranging from 18.1% to 103.1% on stainless steel products from the EU, Japan, South Korea and Indonesia starting July 23, 2019 for a period of five years.
The ministry said it would maintain existing anti-dumping measures on relevant stainless steel products from the EU, Britain, South Korea and Indonesia while conducting the review.
Anti-dumping duties on stainless steel imports from Japan, ranging from 18.1% to 29%, will be lifted on Tuesday as there is no request for a review of these duties, he added.
Stainless steel billets and hot-rolled stainless steel sheets are mainly used to manufacture cold-rolled stainless steel products and in shipbuilding, containers, railways, energy and other industries.
China produced 36.68 million metric tons of raw stainless steel products in 2023, up 12.6% from the previous year, according to data from the Stainless Steel Council of the China Iron and Steel Association.
