Steely Commitment: Subsidies to China’s Steel Industry
Steely Commitment: Subsidies to China’s Steel Industry
This chapter tracks subsidies to China’s steel industry from 2000–2007 and transformation from net steel importer to largest producer and exporter. In 2005, China went from net steel importer to steel exporter. In 2006, China became the world’s largest steel exporter from fifth largest in 2005. In 2007, when energy subsidies to Chinese steel were estimated at $15.7 billion, a 3800 percent increase since 2000, China was the largest steel producer and consumer with 40 percent of the global market. The central government’s policies of consolidation had failed and the Chinese steel industry had become more fragmented. With no discernible cost advantage, Chinese steel sold for 25 percent less than U.S. and European steel. From 2000 to mid-year 2007, total energy subsidies to Chinese steel reached $27.11 billion, including subsidies to thermal?coal of $11.16 billion, coking?coal of $15.29 billion, electricity of $916.39 million and natural?gas of $54.12 million.
Keywords: Chinese subsidies to steel, Chinese energy subsidies, subsidies to coking coal, subsidies to thermal coal, subsidies to electricity, subsidies to natural glass, steel industry, steel exports, steel imports
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