Iranian steel exporters hit by EU anti-dumping crackdown

Iran's Minister of Industry Mohammad Reza Nematzadeh. (AP)
Updated 07 October 2017
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Iranian steel exporters hit by EU anti-dumping crackdown

LONDON: Iran has been caught up in a European Union crackdown on alleged predatory pricing by producers of hot-rolled steel, and is one of several countries facing anti-dumping duties.
The move follows complaints from European manufacturers of excessively low pricing by companies based in Iran, Brazil, Russia and Ukraine.

Anti-dumping tariffs of between €17.6 and €96.5 ($20.6-$112.8) per ton will be imposed from Oct. 7, the EU said on Thursday.

Iranian steel would be subject to a duty of €57.5 per ton and Ukraine’s Metinvest Group €60.5 per ton.

The European Commission had initially proposed setting a minimum price of €472.27 per ton — but revised its proposal after failing to secure backing from EU member states.

Among the companies subject to tariffs were the Brazilian arm of ArcelorMittal and Aperam, both of which also produce in Europe. Others hit include Companhia Siderugica Nacional, Usinas Siderugicas de Minas Gerais and Gerdau — at rates of between €53.4 and €63 per ton.

Rates for Russia producers varied from €17.6 for PAO Severstal, €53.3 for Novolipetsk and €96.5 for MMK.

In April, the EU took action to protect its steel producers from Chinese exports of hot-rolled flat steel products following dumping allegations by European interests.

Punitive duties were imposed on Chinese producers for an initial period of five years following a lengthy investigation.

Hot-rolled flat steel is used for the production of steel tubes, used in construction, and for shipbuilding, gas containers, cars, pressure vessels, and energy pipelines.

The EC has disclosed it currently has in force an unprecedented number of trade defense measures targeting “unfair” exports of steel products from third countries, with a total of 41 anti-dumping and anti-subsidy measures, 18 of which on products originating from China.

The EU said it is also tackling overcapacity in the global steel industry through involvement in a global forum that was launched at the end of last year.


China, UAE strike 13 landmark deals

Updated 20 July 2018
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China, UAE strike 13 landmark deals

  • Among the projects agreed in the memorandums of understanding are the building of embassies and cultural centers
  • China also won approval to open the first Chinese state-owned financial services firm in Abu Dhabi’s AGDM financial center

LONDON: The UAE and China have signed 13 wide-ranging agreements to advance trade and commercial ties between the two countries.

Among the projects agreed in the memorandums of understanding are building embassies and cultural centers, increasing cooperation in the energy, agriculture and e-commerce sectors, building a wholesale market for livestock, fisheries and farm produce and investing in the world’s largest solar energy project.

China also won approval for the first Chinese state-owned financial services firm to be opened in Abu Dhabi’s AGDM financial center, according to the UAE state news agency WAM.

The agreements were ratified during the visit of President Xi Jinping, the first president of China to visit the UAE is 29 years. The top-level visit, in which he had talks with Mohammed bin Zayed, crown prince of Abu Dhabi, and Sheikh Mohammed bin Rashid, vice president of the UAE and ruler of Dubai, is a clear indication of the importance China attaches to relations between the two countries.

China is the UAE’s second largest trading partner. About 60 percent of China’s exports to the Middle East enter the region via the UAE, which itself accounts for about 25 percent of China’s trade with all the Arab world.

The UAE is also close to the route of China’s Belt and Road initiative. The multibillion-dollar project aims to revive the ancient Silk Road and develop an equivalent sea route linking China to markets in west Asia and Europe.


More than a million Chinese visited the UAE in 2017 and trade reached nearly $54.5 billion that year. On Thursday, Sheikh Mohammed bin Rashid tweeted that the UAE aims to double both of those numbers.
“We have many areas of political and economic agreements and a solid base of projects in the energy, technology and infrastructure sectors. More importantly (we have) a strong political will to start a greater phase of cooperators ad integrations,” the ruler of Dubai wrote on Twitter.

“Today, we have exemplary relations with China and a Chinese leadership that sees the UAE as main strategic partner in the region.”

President Xi arrived in Abu Dhabi on Thursday for a three-day visit. On the same day, the state-owned Abu Dhabi National Oil Company (ADNOC) announced the awarding of two contracts worth $1.6 billion to BGP Inc., a subsidiary of China National Petroleum Company, to conduct a seismic survey, searching for oil and gas sites both offshore and on an area covering some 53,000 square kilometers.

Dubai-based property developer Emaar meanwhile announced plans to build the largest Chinatown in the Middle East in the UAE.

After his three days in the UAE, President Xi will go on to Senegal, Rwanda and South Africa.

FACTOID

UAE-CHINA AGREEMENTS - Two MoUs for the construction of embassies and cultural centres - Agreement to advance energy cooperation - Two MoUs to enhance e-commerce ties - Two MoUs to enhance agriculture sector - Two MoUs connected to the Silk Road Initiative - Agreement between ADNOC and China National Petroleum Company - Agreement on customs issues - Framework agreement between the Abu Dhabi Global Market and the Chinese-UAE Pilot Zone - A partnership and investment agreement in the world's largest solar energy project