US hikes tariff on Chinese flat-rolled steel

US hikes tariff on Chinese flat-rolled steel
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The United States Department of Commerce has reportedly raised the import duty on flat-rolled steel shipped from China into the U.S. to 522 percent.

According to an online report from BBC News, “The taxes of 522 percent specifically apply to Chinese-made cold-rolled flat steel.”

The also has imposed a 71 percent duty on cold-rolled steel from Japan, according to the BBC.

A fact sheet created by the Department of Commerce outlines many of its findings pertaining to imported steel considered to be subsidized or “dumped” on the U.S. market.

Commerce Department statistics published by the American Iron and Steel Institute (AISI) on its website show that China is not the leading exporter of finished steel into the U.S. In April 2016, the highest number of finished steel import permit applications came from South Korea (317,000 net tons of steel, up 14 percent from March); Turkey (178,000 tons, down 36 percent from March); Japan (138,000 tons, down 7 percent from March); Germany (89,000 tons, up 23 percent from March); and China in fifth, with 74,000 tons, up 7 percent from March.

Year-to-date, South Korea, Turkey and Japan are the largest exporters of steel to the U.S., according to AISI.

China’s production of more than 100 million tons of steel annually beyond what it consumes internally, however, is considered by AISI and other organizations and analysts as a leading cause of suppressed global steel (and ferrous scrap) prices. Much of the finished steel coming to the U.S. from Turkey and other nations consists of Chinese ingots that have passed through rolling mills in Turkey and those other countries.
 

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Source: Recycling Today
US hikes tariff on Chinese flat-rolled steel
<![CDATA[The United States Department of Commerce has reportedly raised the import duty on flat-rolled steel shipped from China into the U.S. to 522 percent. According to an online report from BBC News, “The taxes of 522 percent specifically apply to Chinese-made cold-rolled flat steel.” The also has imposed a 71 percent duty on cold-rolled steel from Japan, according to the BBC. A fact sheet created by the Department of Commerce outlines many of its findings pertaining to imported steel considered to be subsidized or “dumped” on the U.S. market. Commerce Department statistics published by the American Iron and Steel Institute (AISI) on its website show that China is not the leading exporter of finished steel into the U.S. In April 2016, the highest number of finished steel import permit applications came from South Korea (317,000 net tons of steel, up 14 percent from March); Turkey (178,000 tons, down 36 percent from March); Japan (138,000 tons, down 7 percent from March); Germany (89,000 tons, up 23 percent from March); and China in fifth, with 74,000 tons, up 7 percent from March. Year-to-date, South Korea, Turkey and Japan are the largest exporters of steel to the U.S., according to AISI. China’s production…