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EU hits India with 5 year tariffs on stainless steel bars and rods

Bloomberg reported that the European Union imposed 5 year tariffs on stainless steel from India , saying EU producers including Acerinox SA are victims of subsidies to Indian competitors such as Mukand Limited.

The EU duties as high as 4.3% aim to counter alleged trade distorting Indian aid to exporters of stainless steel bars and rods, which are used in domestic appliances, cars and medical instruments. The levies affect EU imports worth around EUR 40 million in 2009.

The 27 nation EU said in a decision that European producers that also include Ugitech SA and Aceros Inoxidables Olarra SA suffered injury as a result of subsidized imports from India . The five year duties match provisional measures introduced in December and will take effect after being published in the EU Official Journal by April 30th 2011.

According to the bloc, Indian exporters of stainless steel bars and rods increased their combined share of the EU market to 11.8% in the 12 months through March 2010 from 10.4% in 2007. It said three aid programs based on India ’s Foreign Trade Act and one program stemming from the country’s Banking Regulation Act led to unfair export subsidies.

The duty rates are 3.3% against four manufacturers in the Venus group, 3.4% against Chandan Steel Limited, 4% against 19 manufacturers including Mukand and Shah Alloys Limited and 4.3% against Viraj Profiles Limited and any other Indian exporters.

The anti subsidy or countervailing duties are the outcome of an investigation that the EU opened in April 2010 after a complaint by the European Confederation of Iron and Steel Industries, also known as Eurofer, on behalf of producers representing more than 25% of the bloc’s output of stainless steel bars and rods.

(Source from www.bloomberg.net)

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