EU will initiate proceedings against steel fasteners (not including stainless steel products) originating in China from the 9th this month. It is known that Ningbo Fastener Union will represent the involved fastener companies in Ningbo to submit a "no industry damage" plea to EU. If the plea gets through, all the domestic fastener companies will benefit.
Ningbo is one of the most important bases for fastener production and export. Its output accounts for more than one fourth of the country. EU is its major market. Every year about 200 million dollar fastener products are export to EU, which accounts for one third of the total export. Because the EU lodges a wide investigation, dozens of fastener companies have been involved in the case. Yonggang Fasteners, Jinding Fasteners, Yonghong Fasteners and Donggang Fasteners are the major export companies. At present they have signed an agency agreement with lawyer office to respond the investigation. The head of Ningbo Fastener Union also expresses that they will adopt effective measures to help the involved companies to win the case.
