🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

China aluminum officials at U.S. trade hearing urge dialogue in face of criticism

Published 30/09/2016, 10:35 am
© Reuters.  China aluminum officials at U.S. trade hearing urge dialogue in face of criticism
1333
-

By Eric Walsh

WASHINGTON, Sept 29 (Reuters) - A Chinese industry group making a rare appearance at a U.S. government hearing sought on Thursday to counter arguments that excess aluminum capacity in China threatened American and global producers and processors of the metal.

Appearing at the end of a day of submissions at the U.S. International Trade Commission, the officials argued that China's aluminum industry had been a major contributor to the global economy.

"We believe we can effectively address the global aluminum industry's challenges through dialogue and cooperation," officials from the China Nonferrous Metals Industry Association said in a submission.

The hearing, part of an investigation requested by the House of Representatives Ways and Means Committee, heard from U.S., Canadian, European and Russian groups and companies involved in smelting, extruding and recycling. They argued that China's excess capacity was led by government policy and had caused lower prices worldwide.

The Chinese trade group officials said their industry's development had been driven by domestic demand that was expected to grow as the metal was used in new applications such as railroad cars and overpasses. They added that Beijing had eliminated some inefficient capacity and was reducing investment in the sector.

The arguments appeared in the face of a push by some U.S. industry members for Washington to impose countervailing or anti-dumping duties on some Chinese producers.

The U.S. Department of Commerce is investigating China Zhongwang 1333.HK after the U.S. Aluminum Extruders Council alleged the company evaded U.S. import tariffs on aluminum extrusions. is the process of shaping aluminum by forcing it to flow through an opening in a mould to make products for use in industries ranging from electronics to aerospace.

U.S. industry and labor groups at the hearing also complained about the heavy use of coal to generate electricity to power most of China's smelters, a practice that appeared to be at odds with Beijing's promises to reduce greenhouse gas emissions.

They also accused China of using third-country markets, including Mexico and Vietnam, and mislabeling primary aluminum as semi-fabricated metal, in an effort to evade high tariffs.

The ITC, which has no power to enact trade sanctions, will eventually issue a report to the House panel.

(Editing by Peter Cooney)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.