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UK to drop anti-subsidy measures on Indian stainless steel bars
Source:     Time:2023-06-21

According to recent international stainless steel news, the British government agreed to the proposal of the TRA agreement to cancel the anti-subsidy measures on stainless steel bars imported from India. The countervailing measures are imposed to offset imports of stainless steel bar commodities that are sold at unfair prices due to government subsidies in the country of origin.


The Bureau of Trade Relations has found that while subsidized imports will continue if the countervailing measure is no longer in place, it is unlikely that UK industry will be harmed if the measure is no longer in place.


The British Iron and Steel Trade Association said: "There is very little stainless steel bar and rod supplied to the UK market by UK producers, so the risk of injury from the lifting of the measure is very low."


In 2022, India is the third largest source of stainless steel bar for the UK by tonnage. The measure means importers will need to pay duties ranging from 0% to 4%. However, the Bureau of Trade Relations' investigation found that neither domestic and international market conditions nor historical damage data suggested that UK producers would be hurt if the measure were withdrawn.


Therefore, while the Trade Relations Committee concluded that UK producers would not be harmed by the removal of the measure, doing so would help ensure continued imports of competitively priced stainless bar products from India.


Stainless steel bars and rods are used in a variety of industries including the automotive, aerospace and food processing industries. Stainless steel bars and rods are used both as special components for larger products, such as drive shafts, and can be further processed into other stainless steel products, such as precision components.


This is the June 2022 transition review initiated by the Trade Remedy Administration (TRA). The investigation period for the transition review is from April 1, 2021 to March 31, 2022, while the injury period is from April 1, 2018 to March 31, 2022.


The countervailing measures are imposed to offset imports of stainless steel bar commodities that are sold at unfair prices due to government subsidies in the country of origin. They are one of three trade remedies allowed under World Trade Organization (WTO) rules.


The Trade Remedies Agency (TRA) is an independent UK agency established in June 2021 to investigate the need for trade remedy measures to address unfair import practices and unforeseen surges in imports.

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