EU imposes duties on stainless steel products from India

Steel News  |  2013-05-09 01:10:13   |   By

The stainless steel product imports from India will face provisional anti-dumping and anti-subsidy duties as high as 32.1%, says European Commission

LONDON (Scrap Monster) : The stainless steel product imports from India will face provisional anti-dumping and anti-subsidy duties as high as 32.1%, says European Commission.

India has been a major exporter of stainless steel products to EU countries. The imports from India have surged by over 50% during the span of five years between 2007 and 2011.India’s market share of stainless steel drawn wire jumped from 11% in 2007 to nearly 18% in 2011. The present market share is estimated to be over 19%.

The import prices of Indian stainless steel drawn wire have remained consistently lower when compared to the products imported from other countries. The dumping of stainless steel products from India at a cheaper rate is reported to have affected the domestic producers badly. The European companies have thus failed to reap the benefits of the booming market, which has prompted the European commission to restrict the Indian imports by imposing hefty duty.

The EU had launched its steel wire investigation August last year, which found that the major producers in Germany, Spain and Italy are forced to cut their production being unable to compete with the low priced imported goods from India.

Eurofer, the European Steel Association has welcomed the move.

The imposition of duties which comes into force this Thursday will be provisional. Each EU member country must now take its own decision whether to convert it to a definitive period.