Citing Unfair Subsidies, European Union Hikes Tariffs On India, Indonesia Steel Makers: Report
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 per cent and 21.4 per cent, the EU official journal said on Wednesday.
Indonesia's IRNC faces a new tariff of 21.4 per cent, bringing the overall rate, including anti-dumping duties, to 30.7 per cent.
The new rates for India's Jindal Stainless Ltd and Jindal Stainless Hisar Ltd are 4.3 per cent, bringing the total tariff to 14.3 per cent.
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 aim to remedy the damage caused to EU producers such as Acerinox and Outokumpu to take effect from Thursday.
