China lost a case over anti-dumping duties on European and Japanese about steel tubes used in power plants and Fortescue reported its quarterly iron ore shipments.
China Loses WTO Appeal
China lost an appeal ruling on Wednesday in a World Trade Organization dispute with Japan and the European Union filing complaints about Chinese use of anti-dumping duties on high performance, seamless stainless steel tubes.
A WTO dispute panel had largely ruled against China in February, but all 3 parties appealed, and the WTO’s Appellate Body strengthened the case against China, reversing points where the panel had backed Beijing.
Fortescue Ore Shipments Virtually Flat
Australia’s Fortescue Metals Group reported on Thursday its quarterly iron ore shipments were virtually flat at 41.9 million metric tons, but the miner said production costs were cut more deeply than its fiscal 2016 target.
The world’s fourth-biggest iron ore exporter, which had been aiming to lower its cash production cost to $18 per wet mt in a weak global market, said costs averaged $16.90 over the quarter.