India slaps additional tax on some Chinese stainless steel imports

India has imposed an additional import tax on certain stainless steel flat products from China for five years in order to curb influx of cheaper foreign imports, a government statement said on Friday.

The government imposed 18.95 percent countervailing duty on some hot-rolled and cold-rolled stainless steel flat products, a first such levy on a steel product. This is aimed at helping local steel makers benefit when there is surge in imports, it said. http://bit.ly/2xhu17x

"This would provide the much-needed relief to the stainless steel industry from the subsidized imports from China," the statement said.

"These imports were distorting the domestic market, which was under huge stress and led to financial stress in the industry."

India has previously imposed slew of anti-dumping duties on import of steel and stainless steel products from China, Japan and South Korea.

The U.S. Department of Commerce said on Wednesday it has started a probe into possible dumping and subsidization of stainless steel flanges from China and India.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)