India imposes steel tax to shield

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India, the third-largest steel consumer, imposed a tax for the first time on some stainless varieties of the alloy from China to shield local producers against cheap imports.

The 20 percent duty on hot-rolled stainless steel flat products would last for 200 days, the Customs Department said in a January 4 notice posted on its website yesterday.

The tax will also apply to steel products having a minimum nickel content of 6 percent and those containing chromium, with or without other elements such as titanium. – Bloomberg

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