China begins anti-dumping probe into Canadian rapeseed ahead of EV tariff
Adds details in paragraph 1, 6, 11-12, chart
BEIJING, Sept 9 (Reuters) -China announced on Monday the start of a one-year anti-dumping investigation into imports of rapeseed from Canada, just weeks before Ottawa's 100% tariffs onChinese-made electric vehicles and other products come into force.
The inquirywill examine imports from Jan. 1 to Dec. 31, 2023, the commerce ministry said in a statement, adding that preliminary evidence and information show dumping had taken place.
The ministry said there was a causal relationship between the dumping of Canadian imports and actual damage to domestic industry following significant rises in the imports and falling prices.
More than half of rapeseed, also known as canola, exported by Canada makes its way to China. The world's biggest oilseed importer purchased 5.5 million metric tons of canola in 2023, valued at $3.72 billion. Imports from Canada accounted for 94% of the total.
The investigation is "fundamentally different" from the discriminatory measures taken by Canada in violation of WTO rules, a spokesperson from the commerce ministry said in a Q&A session on Monday.
Canada, following the lead of the United States and European Union, will on Oct 1 impose a 100% tariff on imports of Chinese electric vehicles and a 25% tariff on imported steel and aluminium from China.
The announcement of Beijing's plan on an anti-dumping probe last week sent prices of domestic rapeseed oil futures CRSMcv1 to a one-month peak.
The investigation will start effectively immediately, and should be completed before Sept. 9, 2025, although it may be extended for another six months under special circumstances, the ministry said.
The probe will also examine the industrial damage from these Canadian imports covering the period from Jan. 1, 2021 to Dec. 31, 2023, it said.
Canadian Farm Minister Lawrence MacAulay had previously said China's move was "deeply concerning".
China has also said it will initiate an anti-dumping investigation into some Canadian chemical products.
China's imports of canola dominated by Canadian supplies https://reut.rs/3X9owkQ
Reporting by Mei Mei Chu, Siyi Liu and Beijing newsroom
Editing by Tom Hogue, Shri Navaratnam, Peter Graff
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
