U.S. President Joe Biden's push to triple tariffs on Chinese steel imports strikes a mostly symbolic blow on an industry facing bigger concerns over...
BEIJING/SINGAPORE - U.S. President Joe Biden 's push to triple tariffs on Chinese steel imports strikes a mostly symbolic blow on an industry facing bigger concerns over faltering local demand and threats of even stronger blowback against China 's surging exports.
China, the world's biggest producer and exporter of steel, is just the seventh-largest shipper of steel to the U.S., softening the blow of Biden's proposal to raise to 25% the tariffs imposed by his predecessor Donald Trump on certain steel and aluminium products. A report from a Chinese state-backed research agency identified a total of 112 statements from countries regarding anti-dumping and anti-subsidy moves on Chinese steel products in 2023, a rise of around 20 from 2022.Beijing's latest support for the sector, a plan to back equipment upgrades in the industrial and farm sectors and speed consumers' replacement of cars and home appliances, is unlikely to fully offset reduced steel consumption from the property sector.
In recent years, Beijing has imposed caps on steel production both to reduce supply and curb carbon emissions, and industry watchers and insiders say further output cuts are needed to curtail overcapacity. Valued at $20.3 billion, China's first quarter steel exports averaged $789 per ton, far above local prices averaging 4,145 yuan , data from customs and consultancy Mysteel show.
To be sure, global steel demand is expected to rise 1.7% to 1.793 billion tons this year, the World Steel Association said.
Joe Biden Steel Exports Steel Imports Steel Demand Beijing Crude Steel
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