Steel industry in China faces increasing trade frictions

CHINA August 16 2016 6:33 PM

SHANGHAI (Scrap Register): Trade frictions in Chinese Steel industry is increasing along with the rise of Steel export of the country.

China's Steel industry last year faced forty-six trade remedy investigations which is an increase of 19 from the year earlier. Even the Chinese Steel industry has been accused of being responsible for the Steel overcapacity that has gripped the world.

The investigations against Chinese Steel industry accounts for 46.9% of all the trade remedy probes in China in 2015.Chinese industry insiders have cited that rapidly rising exports and the surge of trade protectionism as the real cause of the simmering trade frictions.

United States and Europe often carry out trade remedy probes against China. But in the recent times such investigations are being increasingly brought up by India, Brazil, Vietnam, Malaysia, Australia, Germany and South Africa. China exported a total of 112.4 million tons of Steel in 2015, the first time it reached 100 million tons but it came with an increasing number of trade frictions.