China to impose anti-dumping tax on stainless steel from Indonesia, EU, Japan, S.Korea

By: |
Published: July 22, 2019 8:14:47 AM

The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel.

The country imported 1.85 million tonnes of stainless steel products last year, up 53.7% from 2017. (Representational Image)The country imported 1.85 million tonnes of stainless steel products last year, up 53.7% from 2017. (Representational Image)

China said on Monday it will impose anti-dumping duties on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia.

Anti-dumping tariffs of 18.1% to 103.1% will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the EU and the three Asian nations, effective July 23, China’s Ministry of Commerce said in a statement.

The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel.

“The investigation agency has made a final decree that there was dumping of the investigated products and it has caused substantive damage to the industry in China,” said the commerce ministry in the statement.

Stainless steel billets and hot-rolled stainless steel plates are mainly used as raw material to make cold-rolled stainless steel products or used in shipbuilding, containers, rail, power and other industries.

China, the world’s largest stainless steel producer, churned out 26.71 million tonnes of stainless steel products in 2018, up 2.4% from a year ago, according to China’s Stainless Steel Association.

The country imported 1.85 million tonnes of stainless steel products last year, up 53.7% from 2017.

Do you know What is Repo Linked Lending Rate (RLLR), Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.