China urges EU to act 'prudent' on steel trade

The European Union's frequent trade remedy investigations into China's steel products have seriously interfered with steel trade between the two economies, the Ministry of Commerce said on Thursday, urging the EU to act in a "prudent" manner.

The words came shortly after the European Commission started an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped into the EU.

Wang Hejun, head of the trade remedy and investigation bureau with China's Commerce Ministry, said that the EU's actions actually overprotect its steel industry, which is not conducive to its long-term development and industry upgrades. 

The move also undermines the interests of EU businesses and seriously interferes with the normal development of Sino-EU trade in steel, Wang said in an online press release.

China urged the EU to carefully assess its overall interests, and adopt trade remedy measures in a prudent manner, Wang added.

He stressed that the downturn in the world economy has led to shrinking demand, which is the root cause of the global steel recession.

The fundamental way out, according to him, is that all countries join efforts to ensure the global economy embarks on the path of stable development as soon as possible.