The US Department of Commerce has levied countervailing duties (CVD) on threaded steel rods exported from China and India.
Under the order, Indian exporters whose material was entered or withdrawn for consumption in the US would be subject to an average of 6.07pc CVD. Chinese exporters would be subject an average of 41.17pc CVD.
However, India’s Daksh Fasteners was hit with a CVD of 211.72pc, while China’s Zhejiang Junyue Standard Part Co., Ltd has been asked to pay a CVD of 66.81pc. Ningbo Zhongjiang High Strength Bolts Co., Ltd, another Chinese exporter, will pay a lower than average CVD of 31.02pc.
The order was published after the International Trade Commission (ITC) affirmed Commerce’s original order to impose these duties on Chinese and Indian exporters of the material. Commerce had first issued the order on Feb 18, but was awaiting ITC’s affirmation that the countervailing subsidies received by Indian and Chinese manufacturers and exporters of steel rods had an adverse effect on domestic trade in the US.
The order from Commerce states these CVDs will be applicable to material that has entered or left the exporters’ warehouses from the date of publication of ITC’s final determination in the department’s Federal Register.