The Federation of Thai Industries (FTI) has appealed the Thailand government to safeguard its domestic steelmakers from lower-priced Chinese steel imports.
FTI estimates domestic steel consumption will drop by 16mn mt in 2020 amid an economic slowdown and low production rate in the automotive industry and other downstream industries. The association has also sought government aid for revival the domestic steel industry with relief measures like low interest on working capital loans and an increase in credit limit. Against this backdrop, dumping by China could cause an injury to the domestic steel industry.
Steel exports from China to Thailand rose by 53pc in March from the previous year after Chinese businesses resumed operations. China’s government has since been promoting exports by increasing the tax rebate from 10pc to 13pc.
March steel inventory in China was higher by 103pc than a year ago and zinc-coated steel imports by Thailand from China rose by 153pc in the period.
Duties on China
On May 15, the Thailand government determined an anti-dumping duty on high carbon wires from China. Accordingly, the duties levied on the products from Benxi Beitai High-Speed Wire will be 12.26pc, Shengjiagang Rongsheng Steel will be charged 15.04pc and Jiangsu Yonggang Group will pay 20.56pc on cif basis. These duties will be applicable until May 2025.