EU increases tariffs on stainless steel producers in India and Indonesia

The new Indian duty rates for Jindal Stainless Ltd. and Jindal Stainless Hisar Ltd. are 4.3%, bringing the total duty rate to 14.3%.

The new Indian duty rates for Jindal Stainless Ltd. and Jindal Stainless Hisar Ltd. are 4.3%, bringing the total duty rate to 14.3%.

The European Union (EU) has found that imports of cold rolled stainless steel flat products from India and Indonesia benefit from unfair subsidies and imposed tariffs in addition to the existing tariffs to avoid dumping.

The European Commission, which conducted the investigation, has set anti-subsidy tariffs at rates between 4.3% and 21.4%, the EU Official Journal said on Wednesday.

The Indonesian IRNC faces a new tariff rate of 21.4%, bringing the total rate including anti-dumping duties to 30.7%.

The new Indian duty rates for Jindal Stainless Ltd. and Jindal Stainless Hisar Ltd. are 4.3%, bringing the total duty rate to 14.3%.

The commission said the subsidies took the form of preferential loans, tariff exemptions and cheap supply of raw materials.

The commission said the new tariffs, due to come into force on Thursday, are aimed at repairing damage done to EU manufacturers such as Acerinox and Outokumpu.

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