Govt slaps countervailing duty on Chinese stainless steel imports

Duty will remain effective for five years, domestic industry hails move

After a one-year-long investigation, the government imposed 18.95 per cent countervailing duty on hot rolled and cold rolled stainless steel flat products imported from China, a move hailed by the domestic industry.

It was found that these products were being imported from China at subsidised value and were hurting the domestic industry, Central Board of Excise and Customs said in a notification.  

The decision will go a long way in encouraging production of the metal within the country and will provide some relief to the domestic industry and provide a level playing field, Abhyuday Jindal, vice-chairman, Jindal Stainless, said.