By Mei Mei Chu
BEIJING (Reuters) -China stated on Tuesday it plans to begin an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese language electrical automobiles, sending costs of home rapeseed oil futures to a one-month peak.
Canada has adopted the lead of the US and European Union, and introduced final week a 100% tariff on imports of Chinese language electrical automobiles and a 25% tariff on imported metal and aluminium from China.
“China strongly deplores and firmly opposes the discriminatory unilateral restrictive measures taken by Canada towards its imports from China regardless of the opposition and dissuasion of many events,” a commerce ministry spokesperson stated in a press release.
Canada is the world’s high exporter of canola, utilized in meals and biofuel. China is the world’s largest oilseed purchaser.
“Canada’s canola exports to China have elevated considerably and are suspected of dumping, reaching US$3.47 billion in 2023, with a 170% year-on-year improve in quantity and a steady decline in costs,” the ministry stated.
“Affected by the unfair competitors of the Canadian aspect, China’s home rapeseed-related industries continued to undergo losses,” it stated.
China’s rapeseed meal futures on the Zhengzhou Commodity Change jumped 5.49% to 2,363 yuan ($331.80) per metric ton following the announcement, hitting its highest since Aug. 6.
China may also provoke an anti-dumping investigation into some Canadian chemical merchandise, the spokesperson added.
China intends to resort to the World Commerce Group dispute settlement mechanism for Canada’s related practices, the spokesperson stated.
($1 = 7.1218 Chinese language yuan renminbi)
(Reporting by Beijing newsroom; Writing by Bernard Orr; Modifying by Muralikumar Anantharaman and Kim Coghill)
