Inquiries : 9 - 2013-9-24 15:32:32
Bloomberg reported that the European Union imposed tariffs as high as 27.8% on stainless steel wires from India, saying EU producers such as Ugitech SA of France have been hurt by Indian subsidies and price undercutting.
The duties punish Indian manufacturers including KEI Industries Ltd and Mukand Ltd for allegedly receiving trade distorting government aid and selling the wires in the 27 nation EU below cost, a practice known as dumping.
EU producers that also include Germany¡¯s Hagener Feinstahl GmbH, Italy¡¯s Rodacciai SpA and Spain¡¯s Inoxfil SA suffered material injury as a result of subsidies and dumping by Indian competitors, the European Commission, the bloc¡¯s trade authority in Brussels, said that in 2 decisions in the Official Journal. The duties, to take effect tomorrow, are for as long as 6 months and may be prolonged for 5 years.
Indian exporters of stainless steel wires increased their combined share of the EU market to 17.9% in the 12 months through March 2012 from 12.8% in 2009, said the commission. EU manufacturers share of their market fell to 62.9% from 67.6% over the period, according to the commission, which said employment in the bloc for stainless steel wire production totaled 1,747 people in the 12 months through March 2012.
The duties to counter subsidies and dumping are the preliminary outcome of probes that the commission opened last August in response to complaints against India by European steel industry lobby group Eurofer.