[SMM Analysis] Guoxuan levies stainless steel anti-dumping duty in Indonesia and other countries. Stainless steel market or ushered in the Lunar New year?

According to the latest news from the Ministry of Commerce, according to the provisions of the Anti-dumping regulations of the people's Republic of China (hereinafter referred to as the "Anti-dumping regulations"), on July 23, 2018, the Ministry of Commerce (hereinafter referred to as the investigation organ) issued notice No. 62 of 2018. Decides to conduct an anti-dumping investigation into imported stainless steel billets and stainless steel hot rolled plates / rolls (hereinafter referred to as the products under investigation) originated in the European Union, Japan, South Korea and Indonesia.

According to the results of the investigation and Article 24 of the Anti-dumping regulations, on March 22, 2019, the investigating authorities issued a notice of preliminary adjudication, it was preliminarily concluded that there was dumping of imported stainless steel billets and stainless steel hot rolled plates / rolls originated in the European Union, Japan, South Korea and Indonesia, and that the Chinese stainless steel billet and stainless steel hot rolled plate / coil industry suffered substantial damage, and there was a causal relationship between dumping and substantive injury. According to Article 38 of the Anti-dumping regulations, the Ministry of Commerce put forward a proposal for levying anti-dumping duties to the Customs tariff Committee of the State Council. On the recommendation of the Ministry of Commerce, the Customs tariff Committee of the State Council made a decision from July 23, 2019. Anti-dumping duties shall be levied on imported stainless steel billets and stainless steel hot-rolled plates / rolls originated in the European Union, Japan, South Korea and Indonesia.

"Click to view:" Ministry of Commerce: impose anti-dumping duties on stainless steel billets and stainless steel hot rolled plates / rolls in Europe, Japan, South Korea and Indonesia.

SMM believes that the levying of anti-dumping duties on EU, South Korea, Indonesian stainless steel has been expected by the market, and in the short term, sentiment will boost market confidence. In fact, we can see from customs data that the quantity of Indonesian stainless steel exported from China has been gradually reduced since October last year. This stainless steel anti-dumping incident has not yet had an impact on the production of stainless steel in Indonesia. Under the existing cost advantage, Indonesian stainless steel will still maintain normal production. Increase exports to other countries, accounting for China's share of stainless steel exports.

January 2018-May 2019 Indonesian stainless steel imports:

(source: general Administration of Customs, SMM collation)

Indonesia's stainless steel imports fell 96.93 per cent to 4200 tons in April 2019 from a month earlier, according to SMM data. Mainly cold rolled stainless steel sheet, including cold rolled stainless steel sheet 3700 tons, hot rolled coil 500 tons. Imports of stainless steel from Indonesia rose 500 per cent to 25200 tons in May. Mainly stainless steel semi-products, of which rectangular section (except square) stainless steel semi-products and other stainless steel semi-finished products accounted for 77.82%. Indonesian stainless steel imports decreased by 55 per cent to 284800 tons from January to May 2018 (637000 tons from January to May 2018).

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