BEIJING (Reuters) - Trade protection measures cannot solve the fundamental problem facing the global steel industry, China's Ministry of Commerce said on Monday in response to Australia imposing import duties on Chinese rebar.
The Australian government said on April 23 that it will impose import duties on certain types of Chinese steel to protect domestic steelmakers from a flood of surplus product being exported by the world's top producer of the metal. [nL3N17Q034]
China and Australia share a common interest in both the upstream and downstream steel industry, the ministry said in a statement on its website.
The ministry said the steel supply glut is due to sluggish global economic growth and tepid demand.
(Reporting by Beijing Monitoring Desk.; Editing by Christian Schmollinger)