Investing.com -- China announced it will extend anti-dumping duties on certain stainless steel products imported from the European Union, United Kingdom, South Korea and Indonesia for another five years starting Tuesday.

The duties, which range from 20.2% to 103.1%, apply to stainless steel billet and hot-rolled stainless steel plate from these countries and regions, according to China’s commerce ministry.

In its statement, the ministry explained that "the harm to the domestic industry will likely to continue if the anti-dumping measures are terminated."

The targeted products include stainless steel billet, which is used in manufacturing finished stainless steel products, and hot-rolled stainless steel plate, which is commonly used in shipmaking, containers, railway and power sectors.

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