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19% Tax Slapped On Some Chinese Stainless Steel Imports

The government imposed 18.95% countervailing duty on some hot-rolled and cold-rolled stainless steel flat products
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This is aimed at helping local steel makers benefit when there is a surge in imports.
This is aimed at helping local steel makers benefit when there is a surge in imports.
New Delhi:  The government 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, according to an official statement released on Friday.

The government imposed 18.95 per cent 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 a 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."

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

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

© Thomson Reuters 2017



(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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