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European Union hikes tariffs on India, Indonesia stainless steel makers

The European Union has determined that imports of cold-rolled flat stainless steel products from India and Indonesia benefit from unfair subsidies and imposed tariffs

European Union | Steel producers | Steel Industry

Reuters  |  BRUSSELS 

stainless steel

BRUSSELS (Reuters) - The has determined that imports of cold-rolled flat products from India and Indonesia benefit from unfair subsidies and imposed tariffs, on top of those already in place to avert dumping.

The European Commission, which conducted the investigation, has set the anti-subsidy duties at rates of between 4.3% and 21.4%, the EU official journal said on Wednesday.

Indonesia's IRNC faces a new tariff of 21.4%, bringing the overall rate, including anti-dumping duties, to 30.7%.

The new rates for India's for Jindal Stainless Ltd and Jindal Stainless Hisar Ltd are 4.3%, bringing the total tariff to 14.3%.

The Commission said the subsidies took the form of preferential loans, duty exemptions and cheap provision of raw materials.

The Commission said that the new tariffs, to take effect from Thursday, aim to remedy damage caused to EU producers such as Acerinox and Outokumpu.


(Reporting by Philip Blenkinsop; editing by Jason Neely)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, March 16 2022. 18:46 IST