Japanese and Chinese steel interests in governments and the industries held No.19 steel dialogue in Hangzhou on Tuesday. Japanese Ministry of Economy, Trade and Industry’s director of iron and steel division Koichi Shiota Japan and China should cooperate closely when Asian competition gets severe due to higher production and steel trade remedy increases in Asian countries. Japanese and Chinese agreed to keep discuss on steel issues to avoid trade conflict.Chinese delegations emphasized Chinese steel makers’ profitability is severe under oversupply when Chinese steel demand slows and steel production increases. Chinese steel makers try to develop emerging countries including Southeast Asian countries when the export decreases for ailing Europe. Japanese delegations showed concern on Chinese overcapacity and overproduction. Chinese explained the government seeks production cut to the makers but the government cannot control many of the steel makers timely as old capacity closure. Mr. Shiota expressed of regret on Chinese antidumping action for high function stainless seamless pipe without mention at previous dialogue. He required again China should exempt Japanese super 304H and HR3C grades when Japanese high grade import didn’t compete with Chinese products. Chinese government showed intention to be cautious for trade remedy. Chinese emphasized China Beijing International Mining Exchange contributes to stability and transparency of iron ore market and encourages Japanese makers to use the exchange. They exchanged information of Japanese and Chinese steel market while they shared trade remedy moves by Asian countries.
Japan Steel Scrap Composite Prices (Sangyo Press)07/02/2020
|23300YEN (-500)||25300YEN (-500)|
|214.77US$ (-3.34)||233.2US$ (-3.24)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)