How will India's cancellation of countervailing duty affect China's stainless steel export?

According to foreign media reports on February 1, Indian Finance Minister Nirmala Sitharaman said in the 2022-23 budget that considering the high metal prices, out of greater public interest, the cancellation of stainless and coated steel flat products , certain anti-dumping and countervailing duties imposed on alloy steel and high-speed steel

So, how much of this stainless steel is not taxed?

1. 81% of India's total stainless steel exports to China

In 2021, India suspended the imposition of countervailing duties on Chinese hot-rolled and cold-rolled stainless steel coil products (previously 18.95%), followed by a large influx of Chinese stainless steel coil products with competitive prices.

According to Chinese customs data, the volume of stainless steel coils exported from mainland China to India in 2021 will be about 356,300 tons, an increase of 222,200 tons or 165.7% year-on-year.

After the surge in this volume, the proportion of total stainless steel exported from China to India has also increased significantly from 65% to 81%.

2. 10% of China's total stainless steel coil exports

In 2021, India will account for about 10% of the major export areas of stainless steel coils in mainland China. And this amount is 8% of the total stainless steel exports in mainland China

China is currently the world's largest producer and consumer of stainless steel, and currently exports about 15% of stainless steel.

Against the background of Indonesia's resource crowding and multinational trade barriers, which is extremely competitive in price, India canceled the countervailing duty on Chinese stainless steel coils, which relieved the sales pressure on China's domestic stainless steel market to a certain extent, maintained its original supply and demand balance, and guaranteed its The price of stainless steel tends to be stable, which is conducive to the healthy and sustainable development of its stainless steel market.