EU launches probe into Chinese stainless steel products

According to data provided by the EU statistics office, the EU imported cold-rolled stainless steel sheets from the Chinese mainland and Taiwan with a total value of 758 million euros ($1.03 billion) in 2013, a 10-fold increase from the value in 2002.

China's steel industry is facing severe overcapacity caused by shrinking demand and huge production capacities built up in the past few years. Many domestic steel producers have been trying to expand in the overseas markets to maintain operations.

According to data from the China Iron and Steel Association, China's steel products exports totaled 18.33 million metric tons in the first quarter, up 27 percent year-on-year.

Zhang Changfu, head of the association, said anti-dumping and anti-subsidy investigations into China's steel products have been increasing steadily. In 2013, China's steel sector was involved in 25 trade disputes, Zhang said.

This year, there were seven such cases from countries including the United States, South Korea and Russia by the end of April. "China's steel export situation is not optimistic at present," Zhang said. He said that China's steel exports will eventually slow in the long run.