The European Union announced on Wednesday that it will increase tariffs on certain types of stainless steel products from India and Indonesia after determining they benefited from unfair subsidies, including some from China under its Belt and Road investment programme.
The European Commission, which conducted the investigation, has set the anti-subsidy duties on stainless steel cold-rolled flat products at rates of between 4.3% and 21.4%, the EU official journal said on Wednesday. These will add to anti-dumping tariffs already in place.
The new rates for India's Jindal Stainless Ltd and Jindal Stainless Hisar Ltd (JINA.NS) are 4.3%, taking 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, partly because of export restrictions for those materials
Indonesia also benefited from subsidies to help build up its stainless steel industry from China, which in return benefited from taking up a larger share of Indonesia's nickel ore exports.
This is the European Union's second investigation into trans-national Chinese subsidies. In 2020, the bloc imposed duties on glass fibre fabrics and products from Chinese companies or joint venture operations in Egypt.
The Commission said that the new tariffs, to take effect from Thursday, aim to remedy damage caused to EU producers such as Acerinox (ACX.MC) and Outokumpu (OUT1V.HE).
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.