China to extend anti-dumping duties on imports of some stainless steel

China will extend its anti-dumping duties on some stainless steel products from certain countries and regions for another five years from Tuesday in a bid to protect domestic manufacturers.

Imports of stainless steel billet and hot rolled stainless steel plate originating from European Union, United Kingdom, South Korea and Indonesia will remain subject to the anti-dumping duties ranging from 20.2% to 103.1%, China's commerce ministry said in a statement.

"The harm to the domestic industry will likely to continue if the anti-dumping measures are terminated," the statement said.

Stainless steel billet is used to make finished stainless steel products while the hot-rolled stainless steel plate is typically used in sectors including shipmaking, containers, railway and power.

Source:Global Banking and Finance Review