On July 9, 2008, the European Commission issued an official announcement announcing anti-dumping investigations on seamless steel pipes originating in China. It is reported that this anti-dumping investigation was proposed to the European Commission by the European Union's Seamless Steel Tube Industry Protection Committee on behalf of the EC seamless steel tube industry. The involved products were seamless steel tubes originally produced in China. In the announcement, the United States is used as an alternative country to China. China's annual export of seamless steel pipes to the European Union is around US$600 million, and it has been the main steel pipe product of China's steel pipe production and export. Before the EU has filed a case, if our country disputes the alternative state, the time for submitting a review is 10 days from the date of filing. The Minmetals Chamber of Commerce will coordinate the work of the organizations responding to the case. This is the 7th anti-dumping investigation conducted by the European Union on Chinese steel products and products since last year. It is also unfair to use the United States as a reference.
The export of seamless steel tubes to the EU accounts for a small proportion of all seamless steel tube exports in China. In May 2008, the volume of seamless steel pipes exported to the European Union was 47,400 tons, which was a total of 2,128 tons in the first five months, which was the same as in the same period of 2007. Exports to the European Union's seamless steel tubes account for only 11% of all Chinese seamless steel tubes. Exports to the United States rank first in seamless tubes, almost three times that of the EU.
Exports of seamless tubes to the EU account for 2.86% of our seamless steel pipe production. In the first five months, China produced a total of 7.45 million tons of seamless pipes and exported 218,800 tons of EU products, accounting for 2.86% of the total. Therefore, we believe that the impact is not great.
The demand for domestic seamless pipes has weakened. The export volume of seamless tubes in our country has been growing rapidly for four consecutive years. It has jumped from 6-7 million tons in 2004 to 440,000 tons in May 2008. Exports of seamless steel tubes accounted for 10% of domestic production and quickly increased to around 26%. After undergoing a rapid increase in production from 2005 to 2007, the growth rate of seamless tube production in 2008 has been greatly reduced. With the rapid growth of exports, the cumulative supply of domestic seamless pipes has also rapidly declined to 3.36% in May. s level. Therefore, it can be said that such low domestic apparent consumption growth may have already hinted that the domestic demand for seamless steel pipes has weakened.
The domestic seamless pipe industry's dependence on exports has further increased. With the weakening of domestic demand, the current prosperity of the domestic seamless pipe industry cannot be maintained and the dependence on exports is relatively high. At present, the price difference between seamless steel pipes at home and abroad is relatively large, and the sensitivity to transportation distance is low. Except for the United States, China’s seamless pipe exports to other individual countries are not high in terms of both export volume and proportion. Therefore, we believe that if China does not adopt seamless pipe exports, Action, even if the EU ruling is established, it will have little impact on domestic seamless export.
The impact on listed companies is small. Judging from the export volume, 96% of China's seamless steel pipe exports are involved. However, according to related reports, the major involved cases are non-listed companies. In addition, on May 30, 2008, the US Department of Commerce issued a final ruling on anti-dumping countervailing duties against China's standard steel pipes and ruled that Chinese companies involved The dumping rates ranging from 69.20% to 85.55% and the subsidy rates ranging from 29.57% to 615.92%) are also mostly unlisted steel companies. Therefore, we believe that the direct impact on the listed companies brought by this anti-dumping investigation is only small, but it may bring about a chain reaction.
The physical characteristics of the products involved in this case are circular section seamless steel tubes. According to the International Welding Society standards and chemical analysis, the outer diameter does not exceed 406.4 mm, and the carbon equivalent does not exceed 0.86. The EU Customs Tariff Nos. are 73041910, 73041930, 73042200, 73042300, 73042400, 73042910, 73042930, 73043180, 73043958, 73043992, 73043993, and 73045189.
The export of seamless steel tubes to the EU accounts for a small proportion of all seamless steel tube exports in China. In May 2008, the volume of seamless steel pipes exported to the European Union was 47,400 tons, which was a total of 2,128 tons in the first five months, which was the same as in the same period of 2007. Exports to the European Union's seamless steel tubes account for only 11% of all Chinese seamless steel tubes. Exports to the United States rank first in seamless tubes, almost three times that of the EU.
Exports of seamless tubes to the EU account for 2.86% of our seamless steel pipe production. In the first five months, China produced a total of 7.45 million tons of seamless pipes and exported 218,800 tons of EU products, accounting for 2.86% of the total. Therefore, we believe that the impact is not great.
The demand for domestic seamless pipes has weakened. The export volume of seamless tubes in our country has been growing rapidly for four consecutive years. It has jumped from 6-7 million tons in 2004 to 440,000 tons in May 2008. Exports of seamless steel tubes accounted for 10% of domestic production and quickly increased to around 26%. After undergoing a rapid increase in production from 2005 to 2007, the growth rate of seamless tube production in 2008 has been greatly reduced. With the rapid growth of exports, the cumulative supply of domestic seamless pipes has also rapidly declined to 3.36% in May. s level. Therefore, it can be said that such low domestic apparent consumption growth may have already hinted that the domestic demand for seamless steel pipes has weakened.
The domestic seamless pipe industry's dependence on exports has further increased. With the weakening of domestic demand, the current prosperity of the domestic seamless pipe industry cannot be maintained and the dependence on exports is relatively high. At present, the price difference between seamless steel pipes at home and abroad is relatively large, and the sensitivity to transportation distance is low. Except for the United States, China’s seamless pipe exports to other individual countries are not high in terms of both export volume and proportion. Therefore, we believe that if China does not adopt seamless pipe exports, Action, even if the EU ruling is established, it will have little impact on domestic seamless export.
The impact on listed companies is small. Judging from the export volume, 96% of China's seamless steel pipe exports are involved. However, according to related reports, the major involved cases are non-listed companies. In addition, on May 30, 2008, the US Department of Commerce issued a final ruling on anti-dumping countervailing duties against China's standard steel pipes and ruled that Chinese companies involved The dumping rates ranging from 69.20% to 85.55% and the subsidy rates ranging from 29.57% to 615.92%) are also mostly unlisted steel companies. Therefore, we believe that the direct impact on the listed companies brought by this anti-dumping investigation is only small, but it may bring about a chain reaction.
The physical characteristics of the products involved in this case are circular section seamless steel tubes. According to the International Welding Society standards and chemical analysis, the outer diameter does not exceed 406.4 mm, and the carbon equivalent does not exceed 0.86. The EU Customs Tariff Nos. are 73041910, 73041930, 73042200, 73042300, 73042400, 73042910, 73042930, 73043180, 73043958, 73043992, 73043993, and 73045189.
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