China to impose duties?

China may impose an anti-dumping duty on stainless steel imports. According to sources, while India may fall in the duty ambit, other developing countries like Brazil, Venezuela and Thailand may be exempted from duty. China had earlier imposed a 7–26% duty on alloy steel imports. India, however, was exempted because of the code which ensures 3% export business from the developing countries. “It is strange that India has not been included in the list despite being a developing nation,” officials told BS. Sources said India had been kept out of the list of developing nations, where the 3% quota applies, because of the resistance from Japan. India, Japan, Taiwan and South Korea are the main suppliers of stainless steel to China. In India, Jindal Strips has been looking at expanding its export business to China. The company is in talks with a couple of Chinese steel-makers to provide technical know-how without any investment. It is also planning to open offices in China to expand its business. The Chinese stainless steel market is estimated to be growing at 25%. “China is a net importer of stainless steel. It is strange that Beijing is thinking of imposing a dumping duty on stainless steel imports,â€? officials said. The Chinese requirements were expected to surge in the next few months. “The Olympic Games in China will drive the demand in the next few months,â€? sources said.

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