(Yicai Global) Feb. 3 -- The US Department of Commerce (DoC) concluded that stainless steel plates and belts imported from China received government subsidies and were dumped on the US market at unreasonably low prices. The DoC's announcement yesterday included an anti-dumping tariff raise, and marks another step by the US government to levy duties on Chinese products.
The US Department of Commerce has decided to increase the anti-dumping tariff from 63.86 percent to 76.64 percent for these imported products. The countervailing tariff imposed on Shanxi Taigang Stainless Steel Co. [SHE:000825] has been fixed at 75.60 percent.
The US International Trade Commission will deliver a final ruling regarding the damages caused to American manufacturers around March 20. If the ITC upholds the DoC's findings, tariffs will come into force and remain effective for five years. The case was lodged by AK Steel, Allegheny Ludlum, North American Stainless and Outokumpu Stainless USA. The relevant Chinese imports were valued at USD302 million, the DoC estimated.
Last July, the DoC issued preliminary information on the countervailing investigation into Chinese stainless belts. The subsidy rate for the Shanxi Taigang Stainless Steel Co. and other producers involved was estimated to be 57.30 percent. The rate for two companies, Ningbo Baoxin Stainless Steel Co. and Daming International Import Export Co., was thought to be as high as 193.92 percent.