Date: 2013-08-01

Russia to Levy Anti-dumping Duty on China Stainless Steel

Following the US, Russia has started cracking down on the steel export from China. The Russian Industry and Trade Ministry decides to collect a 29.9% anti-dumping duty from Mainland China's biggest stainless steelmaker, Taiyuan Iron and Steel (Group) Co., Ltd. (TISCO).

Meanwhile, Yeun Chyang Industrial Co., Ltd. of Taiwan is required to pay a 29.9% anti-dumping duty for Russia.

The Russian regulator also agrees to levy an anti-dumping duty of 62.8%, 21.1%, and 33.3% on the stainless steel exported by South Korean, Brazilian, and South African companies, respectively. Amongst them, POSCO of South Korea needs to burden an only 4.8% anti-dumping duty.

Russia's stainless steel anti-dumping duty collection is advised to last five years. From 2004 to 2007, the country aggregately imported 28,800 tons of nickel-bearing stainless steel plate, with a 430% skyrocket year on year, and total imports from China largely rose 335.6% from 2006 to 2008.

TISCO is very likely to cut production next, because its stainless price has been as low as the normal cost, said people in the know.

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