ASEAN TO LIMIT CHINA'S IRON AND STEEL

ASEAN iron and steel council president Roberto Cola said six of Chinese iron and steel's top ten buyers are countries in Southeast Asia.

Several countries' iron and steel imports from China have accounted for 2/3 of their consumption and their own iron and steel plants' capacity utilization has fallen to less than 40%, compared with 65% before the start of China-ASEAN free trade area in 2010.

This March, Vietnam levied 14% to 23% anti-dumping duties on iron and steel from China and other areas and 25% import duties on more China's iron and steel products, which will last to October 2019 .Thailand is developing the final draft of the anti-dumping law and is expected to submit it for verification and approval before the end of 2016.

Cola said ASEAN consumed 70 million tons of iron and steel, which will grow to 80 million tons in 2018.

As a result, simply restriction of imports will face the risk of hindering economic development.