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Provisional CVDs on Indian Stainless Steel Fasteners Lifted
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The European Commission terminated the anti-subsidy proceeding concerning imports of stainless steel fasteners from India. Provisional countervailing duties ranging from 3.2 to 16.5% applied in February were removed by Commission Decision 2012/278/EU, published 24th May 2012.

Subsequent to its provisional decision the EC reconsidered its assessment of the level of subsidy to Viraj Profiles Ltd, India's largest exporter of the stainless steel fasteners under investigation. A recalculation took the subsidy rate below the minimum threshold at which the EU considers it to have an effect. A 3.2 percent CVD rate had provisionally been applied but the decision deemed this to have been overestimated.
Viraj accounted for 87 percent of Indian exports of the cited product to the EU during the investigation period. The Commission confirmed earlier findings that other stainless steel fastener exporters benefited from greater levels of subsidy but, similarly to the anti dumping proceedings also recently terminated, ruled "A causal link between the subsidized imports, accounting for a mere 13 percent of the total quantity exported from India, and the injury suffered by the union industry cannot be sufficiently established."
The Commission's decision notes that, while imports from Viraj could not be deemed to be subsidised, "prices of imports from India decreased overall by 9% in the period considered, remaining always lower than import prices from the rest of the world and sales prices of the Union Industry." It also notes that the volume of imports from India increased "dramatically by 65% over the period considered, increasing their market share from 12.1% to 18.3%".
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