EU hikes tariffs on India, Indonesia stainless steel imports

EU hikes tariffs on India, Indonesia stainless steel imports

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 percent and 21.4 percent, the EU official journal said on Wednesday.







Reuters









March 17, 2022 / 01:02 PM IST





The European Union will increase tariffs on 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 percent and 21.4 percent, the EU official journal said on Wednesday.

They will add to anti-dumping tariffs already in place.

Indonesia's IRNC faces a new tariff of 21.4 percent, bringing the overall rate, including anti-dumping duties, to 30.7 percent.

The new rates for India's Jindal Stainless Ltd and Jindal Stainless Hisar Ltd are 4.3 percent, taking the total tariff to 14.3 percent.

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