>India imposes anti-dumping tax on some steel Products

New Delhi - India has imposed an anti-dumping import tax on some stainless steel products to curb cheap imports that were hurting the local industry, the government said Thursday.

The punitive taxes are being levied until Oct. 21 on imports from China, Japan, Korea, the European Union, South Africa, Taiwan, Thailand and the U.S., the trade ministry said in a statement.

"This is a clear message to the producers and to the countries" that have been sharply underselling Indian producers, said N.C. Mathur, president of the Indian Stainless Steel Development Association. Stainless steel imports have increased by around 20%-30% annually since 2006, Mathur said.

The level of taxes vary, depending on product and origin, ranging from $12.74 a metric ton to $2,011/ton.

The banned products are used in the automotive, and household appliance sectors as well as for industrial applications.

"The varieties banned are the highest value-added products," Mathur said.

India produces about 1.8 million metric tons of stainless steel annually, two-thirds of which is consumed locally.

Source: COMMODITIESCONTROL