BEIJING: China said on Friday it was raising anti-dumping duties on certain alloy-steel seamless tubes and pipes used at utilities and imported from the United States and the European Union.
The anti-dumping tax rates applicable to the steel tubes and pipes are set between 57.9 percent and 147.8 percent on companies in the United States and the EU, effective June 14, China’s Ministry of Commerce said in a statement on Friday.
The new tariffs are as much as 10 times the previous rates of 13 percent-14.1 percent, which were imposed in 2014 and expired on May 10. The increased steel tariffs come amid the escalating Sino-US trade dispute that involves hundreds of billions in goods passing between world’s two largest economies.
Tariffs on US steel extrusion firm Wyman-Gordon Forgings are at 101 percent, while those on all other US companies are 147.8 percent, the ministry said.
The anti-dumping tariff on Vallourec units Vallourec Deutschland GmbH and Vallourec Tubes France are 57.9 percent, with all other EU companies face tariffs of 60.8 percent.
The decision to extend and raise the anti-dumping tariff follows a request from the Chinese domestic steel tubes and pipes sector, the ministry said.
Last year, government-backed Inner Mongolia North Heavy Industries Group Corp. Ltd. said in a complaint filed to the Ministry of Commerce: “Despite the (earlier) anti-dumping measures, producers in the EU and the United States ... further cut export prices in order to expand and maintain their market shares in China.”
To make its point, Inner Mongolia North Heavy cited data showing European and US products accounted for more than 50 percent of the specialty pipe and tubing market in China in the first quarter of 2018, with their import prices falling nearly 14 percent to $5,786 per ton as compared with prices in 2014.
In 2017, the last year for which full date is available, China imported 9,500 tons of the tubes and pipes used by utilities, with nearly 95 percent of the products coming from the United States and EU.
The products involved in the anti-dumping case, alloy-steel seamless tubes and pipes for high temperature and pressure, are mainly used in ultra-supercritical thermal power units, with around 80 percent of the demand coming from the Chinese market.
China hikes anti-dumping duties on some US, EU steel tubes and pipes
China hikes anti-dumping duties on some US, EU steel tubes and pipes
- The new tariffs are as much as 10 times the previous rates of 13 percent to 14.1 percent
- The increased steel tariffs come amid the escalating Sino-US trade dispute
Saudi Fund for Development, Omani Ministry of Finance sign MoU to establish industrial city
RIYADH: The CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Murshid, and the Omani Minister of Finance, Sultan bin Salem Al-Habsi, signed a development memorandum of understanding to support the establishment of the Thumrait Industrial City Project in Oman.
The project is funded by Saudi Arabia through the SFD with $40 million.
The signing ceremony was attended by the Saudi Ambassador to Oman, Ibrahim bin Saad bin Bishan, and several officials from both sides.
The MoU aims to develop the industrial, logistical, developmental, and social sectors in the Dhofar Governorate through the establishment of the integrated Thumrait Industrial City, covering an area of approximately 3.94 million sq. meters.
The city will be equipped with all necessary infrastructure services. The project includes the construction and equipping of administrative and service buildings as well as public facilities. It also includes road works and electrical installations, as well as water networks and the construction of two wastewater treatment plants.
Engineering consultancy services will also be provided, reflecting the expected developmental impact in enhancing the industrial and service sectors in the governorate.
The CEO of the SFD affirmed that this MoU reflects the Kingdom’s efforts, through the fund, to support development sectors in Oman and strengthen the close development partnership between the two sides.
This will be achieved through the implementation of high-quality projects that contribute to developing infrastructure and creating an integrated and stimulating environment for industrial and logistical activities, which will positively impact the empowerment of the private sector and enhance economic as well as social development.
For his part, the Omani Minister of Finance emphasized that the signing of this agreement stems from a desire to strengthen developmental, economic, and investment relations and encourage partnerships across various sectors between the two countries.
At a time when the world is getting fragmented due to geopolitical tensions and ongoing wars, Saudi Arabia’s development fund is becoming a beacon of hope, as it continues to provide soft loans and grants for emerging economies.
Established in 1974 and commencing operations in 1975, the Saudi Fund for Development has financed more than 800 development projects in over 100 countries, with a cumulative value exceeding $21 billion.
SFD’s financing spans across multiple sectors, including health, education, and transport, as well as water and energy, with the aim of improving living conditions, enhancing capacity building, and creating job opportunities for millions of people in emerging nations.
