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BEIJING (Reuters) - China began an anti-dumping investigation on Monday into stainless steel imports worth $1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints of damage to the local industry. The Commerce Ministry said the investigation will target imports of stainless steel billet and hot-rolled stainless steel sheet and plate from the European Union, Japan, South Korea and Indonesia, which nearly tripled last year. The move follows a complaint by Shanxi Taigang Stainless Steel (000825.SZ), with backing from four other state-owned mills including Baosteel’s stainless steel division, which blamed cheap imports for falling prices, it said.
China makes and consumes around half the world’s stainless steel, which is used to protect against corrosion in buildings, transportation and packaging, While the complaint targets eight foreign producers, it also lists a number of Chinese companies, including the Indonesian unit of one of the world’s top producers, Tsingshan Stainless Steel, and 19 traders who import product, Some private Chinese companies have opened or started building plants in Indonesia in st. louis cardinals cufflinks recent years, drawing on its plentiful nickel resources and lower cost of production..
A significant portion of the new production has been sold in China, analysts say. The rapid increase in imports damaged the Chinese market, according to the complaint filed by Shanxi Taigang and released with the commerce ministry document. Almost two-thirds of China’s stainless imports came from Indonesia last year, up from 5 percent in 2016 and zero in 2015, the complaint said. That rose to as high as 86 percent in the first quarter, it said. Imported prices of the stainless steel products fell 23 percent to $1,867 a tonne in 2017 from $2,436 a year earlier.
“If we allow st. louis cardinals cufflinks these products to continue to enter the Chinese market with low prices and take more market share, sales of China’s domestic products will continue to decrease,” the complaint said, Peter Peng, senior consultant at CRU in Beijing, said the investigation was “totally driven by an industrial dispute between SOEs (state-owned enterprises) and the fast-growing private mills”, “Due to their cheap production costs, it’s more competitive than Chinese products,” he said..
Tsingshan opened a mill in Indonesia last year with annual capacity of 3 million tonnes while Delong Holdings (DELO.SI) plans to start production there next year. Anti-dumping duties would force mills to find new markets for their product, adding to a global glut, Peng said. The European companies targeted by the inquiry include Spain’s Acerinox (ACX.MC), Finland’s Outokumpu Oyj (OUT1V.HE) and Luxembourg-based Aperam (APAM.AS). Among the Japanese companies are Nisshin Steel Co Ltd 5413.T, Nippon Steel & Sumitomo Metal Corp (5401.T) and JFE Steel Corp [JFEST.UL]. Indonesia’s PT Jindal Stainless and South Korean steelmaker Posco (005490.KS) are also listed.
“We are quite surprised (by) this action and (will) have to carefully analyse the situation,” said Matteo Rigamonti, director of specialty steels at the European industry association Eurofer, Europe exported just 22,000 tonnes of stainless billet and hot-rolled sheet and plate in 2017, he said, down 50 percent from 2014 and a small fraction of China’s total imports of the metal, China imported 703,000 tonnes of those products in 2017, up almost st. louis cardinals cufflinks 200 percent from a year earlier, with 98 percent coming from the regions targeted by the investigation..
DUBAI (Reuters) - JPMorgan (JPM.N) and Morgan Stanley (MS.N) have been picked to advise on Saudi Aramco’s potential acquisition of a stake in petrochemical maker SABIC (2010.SE), four sources familiar with the matter said. Late last week, Aramco IPO-ARMO.SE confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund, the country’s main sovereign wealth fund. Aramco and Morgan Stanley did not immediately respond to a Reuters request for comment. JPMorgan declined to comment.
(Reuters) - Exxon Mobil Corp and its partners now expect the large Stabroek oil block st. louis cardinals cufflinks offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday, Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade, The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world’s largest publicly traded oil producer, said..