EU Slaps anti-dumping Duty on China Fastener
Resource from: CBCC Likes:2975
Feb 05,2009
The European Union has finally decided to slap anti-dumping duties of 26.5% to 85% on China-made fasteners over the next five years, which has aroused great concern from China's fastener industry as this ruling will mean job losses for tens of thousands of workers and multi-million-euro losses for manufacturers, sina.com said today.
China has blasted the EU imposition of hefty anti-dumping duties on Chinese-made screws and bolts and said it may take the issue to the World Trade Organization. "China's government and industry express strong dissatisfaction over this," Commerce Ministry said in a statement on its website. "China will study and evaluate this decision and reserves the right to appeal to the WTO."
In one of the biggest anti-dumping cases against China, the EU made a final decision on Monday to slap levies on imports of some Chinese fasteners, according to EU documents. The levies range from 26.5% to as high as 85%, or 80% on average. Most companies hit by the anti-dumping duties are based in eastern Chinese provinces of Jiangsu and Zhejiang.
China is the world's largest producer of screws, bolts and washers and the EU is its biggest market. Nearly 900,000 tons of China-made fasteners, or one sixth of the country's fastener output, were exported to Europe in 2007. China now has about 10,000 fastener manufacturers which employ 2.5 million workers. The EU ruling will cut revenue and jobs for China's fastener sector.
The row adds to bilateral tensions amid several recent anti-dumping rulings. After an initial EU decision to impose the anti-dumping duties on Chinese metal fasteners, China last month retaliated by launching its own anti-dumping probe into imports of screws and bolts made in the European Union.
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