China Launches Anti-Dumping Probe on Canadian Canola Amid Trade Tensions

China has announced an anti-dumping investigation into Canadian canola imports following Canada's imposition of tariffs on Chinese electric vehicles and steel. The move has significantly impacted canola, which is a major Canadian export to China. Amid abundant oilseed supply, China's domestic rapeseed industry faces challenges.

China has announced plans to start an anti-dumping investigation into canola imports from Canada. This follows Ottawa's move to impose tariffs on Chinese electric vehicles and steel, raising prices of domestic rapeseed oil futures.

China's commerce ministry expressed strong opposition to Canada's 'unilateral restrictive measures' despite attempts to dissuade them. The ministry indicated further anti-dumping probes into Canadian chemical products.

Nearly 50% of Canada's canola is exported to China, the world's largest oilseed importer. The announcement led to a significant price surge in China's rapeseed meal futures. However, ICE canola contract prices dropped, reflecting market volatility amid increasing exports and declining prices.

(With inputs from agencies.)