6/12/2009
NEWS BRIEFS
Fastener Makers in China 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, Taizhou Daily reports. The four-month export value slipped 30% to $3.92 million.

Exports of steel or iron fasteners from Taizhou reportedly plunged 43% to 612 tons during the period.

“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 patter 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 dropped 44% to 320,000 tons during the first quarter of 2009, with the value dipping 34% to $536.8 million.

Fastener exports from China fell 46% to 70,000 tons in February after the European Union adopted antidumping duties on certain fasteners from China on February 2. The general tariff for a range of imported fasteners, including hex bolts, socket screws, small screws and washers, is 85%.

China has responded by initiating an antidumping investigation into carbon steel fasteners imported from the EU. ©2009 Global FastenerNews.com