Facebook Twitter Google Plus Vimeo Youtube Feed Feedburner

Business Home LBoard

India slaps additional tax on some Chinese stainless steel imports

 | September 8, 2017

This is aimed at helping local steel makers benefit when there is surge in imports.

steel

NEW DELHI: India has imposed an additional import tax on certain stainless steel flat products from China for five years in order to curb influx of cheaper foreign imports, a government statement said on Friday.

The government imposed 18.95% countervailing duty on some hot-rolled and cold-rolled stainless steel flat products, a first such levy on a steel product. This is aimed at helping local steel makers benefit when there is surge in imports, it said.

“This would provide the much-needed relief to the stainless steel industry from the subsidized imports from China,” the statement said.

“These imports were distorting the domestic market, which was under huge stress and led to financial stress in the industry.”

India has previously imposed slew of anti-dumping duties on import of steel and stainless steel products from China, Japan and South Korea.

The US Department of Commerce said on Wednesday it has started a probe into possible dumping and subsidisation of stainless steel flanges from China and India.


Comments

Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.

Comments