The Japanese government has set anti-dumping duties on imports of steel wire from China and South Korea, in a move that is likely to further escalate tensions between Tokyo and Beijing. The duties, which were announced on Wednesday, will be imposed on Chinese and South Korean producers of cold-drawn steel wire used in tyres and other rubber products. This follows the imposition of duties on Chinese and South Korean producers of hot-rolled steel plate earlier this month.
The latest action is likely to ratchet up tensions between Japan and China, which have been engaged in a bitter trade dispute for several months. It also comes amid concerns about the global oversupply of steel, which has been exacerbated by Chinese producers dumping their product onto world markets.