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No solution to the current steel crisis
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China has pledged to cut production but the country remains an unusual factors are difficult to predict. The meeting of major steel producing countries in the world on the day 18/4 in Brussels did not reach consensus on the measures to remove the current steel crisis. China pledged to cut production, but it remains an unusual factors is difficult to predict the market.
Representing 34 countries in the world steel production, World Trade Organization (WTO), the World Steel Organization and the private sector attended the meeting organized by the OCED in Brussels on 18/4 days to discuss how the government can support the process of restructuring the steel industry and agreed on measures to reduce policy distortions of competition.
British minister Sajid Javid Commerce said it has no solution was reached to solve the problem the current steel crisis. But Mr. Javid expect reduction commitments that Chinese steel production make this time will help to contribute to the difference to the market is weakening.
Vice Minister of Commerce Zhang Ji China has rejected accusations Beijing subsidies for steel exporters. China explains the main causes leading to capacity overload is due to falling demand following the financial crisis of 2008-2009, and this is also the problem of all countries. Mr. Zang Ji said China has cut 90 million tons capacity and plans further cuts 100-150 million tonnes, 1.13 million tonnes to about 2020.
Mr Gareth Stace, director of the British Steel Corporation said: "We do not seem closer to finding international action to put these solutions into practice. This is a global problem should have the global legal status in order to remove the current overload capacity and time is of far wholesaler we are not. "EU trade Representative Cecilia Malmstroem said that the steel industry requires to restore the long-term global cooperation to lead to effective reform.
This meeting was the assessment is vital for many steel companies are making losses. Surplus caused many factories to close and unemployment increases. Tata Steel, the largest steel corporation of India and is the largest steel maker in the UK as an example. Chinese steel prices 'very measly' while energy costs more expensive in the UK than in other countries has led Tata continued losses in the past month. Therefore, Tata is planning to pull out of the UK and that 15,000 jobs are threatened here.
Ms Elzbieta Bienkowska, Commissioner industrial and domestic market, the EU should consider allowing Member States subsidized its steel industry. Currently, the EU applied a series of anti-dumping measures against China, which has a number of measures related to the steel industry, but critics say that much is not enough.
The European steel makers urged the EU to emulate the US done to punish China by introducing new taxes but the EU so far seems to still hesitant about more direct pressure on China on this.
OECD says world steel output reached 2.37 billion tons in 2015, down 70.9% compared to 67.5% in 2014, but only while in use.
As countries contributing about half of global steel production, China is accused of causing excessive accumulation of steel on the world market because supply is too large to be sold at prices lower than production costs. This is a violation of global trade rules.
The Chinese promised that but not necessarily do so. By the fact that, Chinese steel output rose in May 3/2016 despite a capacity reduction commitments of the country previously. The figure of 1.13 billion tons of steel output is expected to remain far exceeds actual demand. Therefore, China is still a factor in abnormal unpredictable market
Xuan Huong
According Intellectual Young / Reuters, BBC
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18/8/2025
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