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China, Brazil should work on steel woes
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CHINA and Brazil should work together to address steel sector overcapacity, as protectionism only compounds the situation, China’s Ministry of Commerce said yesterday, after Brazil launched probes into Chinese steel products.
“The Chinese government has always held that trade remedies should be used in a cautious and restrained manner, and encouraged its businesses to solve trade frictions through trade, investment and technological cooperation with their foreign counterparts,” said Wang Hejun, head of the ministry’s trade remedy and investigation bureau.
Protectionism will do no good in overcoming difficulties in the global economy and steel sector. On the contrary, it will hinder normal trade, Wang said.
The two emerging economies are closely related in the steel sector as Brazil boasts vast iron ore deposits, and China is the world’s largest steel producer.
Wang’s remarks came after Brazil announced on Monday its first anti-subsidy probes into hot rolled steel plate from China. Chinese steel products saw 14 anti-dumping probes from the Brazilian government in the past five years, with most cases ending in restrictive measures.
But Chinese steel accounts for under 2 percent of the Brazilian market, Wang said.
Plagued by excess production, the global steel sector has seen more trade disputes in recent years, with Chinese companies suffering the most.
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