Market Data
March 27, 2014
Steel Institute Applauds China Trade Dispute Settlement
Written by Brett Linton
The American Iron and Steel Institute (AISI) today lauded the decision by the World Trade Organization (WTO) to side with the U.S. on a challenge to China’s export restrictions on rare earth elements, tungsten and molybdenum. Rare earths and other products are used in smartphones, automobiles, the defense industry, and wind turbines and are mined almost exclusively in China.
Tungsten and molybdenum are used as strengthening elements in a number of steel products. The U.S., joined by Japan and the European Union, in 2012 challenged China’s export quotas after they were cut by about 40 percent. AISI has long-supported the challenge and praised the decision by the WTO dispute settlement panel, which was announced by U.S. Trade Representative Michael Froman this morning.
