UK to lift countervailing measures against Indian stainless steel-Zhejiang Benji Stainless Steel Co., Ltd

On June 15, 2023, according to foreign media, the British government agreed today to the TRA agreement proposing the cancellation of countervailing measures against stainless steel rods imported from India. The implementation of countervailing measures is to offset imported goods sold at unfair prices due to government subsidies in the country of origin.

The Bureau of Trade Relations has found that although subsidy imports will continue if the countervailing measures are no longer implemented, British industry is unlikely to be harmed if the measures are no longer implemented. The British Steel Trade Association said, "British producers supply very few stainless steel bars and rods to the English Market, so the risk of injury caused by the removal of this measure is very low."

In 2022, India is the third largest source of stainless steel bars in the UK by tonnage. This measure means that importers need to pay tariffs of 0% -4%. However, the Trade Relations Bureaus investigation found that neither domestic nor international market conditions nor historical damage data indicate that if the measure is lifted, British producers will be harmed. Therefore, although the Trade Relations Committee has concluded that British producers will not be harmed by the lifting of this measure, doing so will help ensure the continued import of price competitive products from India.

Stainless steel rods and rods are used in various industries, including automotive, aerospace, and food processing. Bars and rods can be used as special components for large products, such as transmission shafts, and can also be further processed into other stainless steel products, such as precision components.

This is the June 2022 transitional review initiated by the Trade Relief Agency (TRA). The investigation period for the transitional review is from April 1, 2021 to March 31, 2022, while the injury period is from April 1, 2018 to March 31, 2022. The implementation of countervailing measures is to offset imported goods sold at unfair prices due to government subsidies in the country of origin. They are one of the three trade remedy measures allowed by World Trade Organization (WTO) rules.

The Trade Remedy Authority (TRA) is an independent UK agency established in June 2021 to investigate whether trade remedy measures are needed to address unfair import practices and unforeseen import surges.

Zhejiang Benji Stainless Steel Co., Ltd.,