6/30/2009
HEADLINES
China Fastener Makers Eye Overseas Production

Hit hard by a global recession and antidumping duties from the European Union, total fastener exports from the Chinese city of Taizhou dropped 32.8% to a four-year low of 1,321 tons for the first four months of 2009, the Taizhou Daily reports. The four-month export value slipped 30% to $3.92 million.

Exports of steel or iron fasteners from Taizhou plunged 43% to 612 tons.

“The number of export enterprises increased a bit, but most of them had smaller export scale,” according to the Daily.

To cope with weakened market conditions, Taizhou customs officials encouraged local fastener makers to form a new export pattern by developing markets in the Middle East, Russia and Brazil.

“Furthermore, the enterprises should also set overseas fastener production base with the strategy of ‘walking out’ to avoid the antidumping restriction from EU and other countries.”

The news follows statistics from the Chinese government showing exports of steel and copper fasteners dropped 44% to 320,000 tons during the first quarter of 2009, with the value dipping 34% to US$536.8 million.

The general EU tariff rate is 85%.

China responded with an antidumping investigation into carbon steel fasteners from the EU. ©2009 GlobalFastenerNews.com

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