BRUSSELS (Reuters) - 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, 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.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU