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The government's move to remove import duties on stainless steel has resulted in Chinese and Indonesian companies dumping their products into the Indian market, cornering up to 40% market share, according to Abhyuday Jindal, the managing director of Jindal Stainless Ltd NSE 1.06 %, India’s largest manufacturer of the alloy.

May 16 (Reuters) - Chinese iron ore futures rose on Monday, supported by supply concerns and shrinking portside inventories of the steelmaking ingredient, while the easing of some COVID-19 curbs in the world's top steel producer also lifted trader sentiment.

Portugal's government on Monday announced a non-refundable subsidy to gas-hungry companies, such as cement, steel and glass makers, to cover 30% of the increase in their bills spurred by Russia's invasion of Ukraine.

The European Commission, which conducted the investigation, has set the anti-subsidy duties on stainless steel cold-rolled flat products at rates of between 4.3% and 21.4%, the EU official journal said on Wednesday.

The surge in stainless steel comes after nickel prices spiked 90% to an all-time high in the previous session and extended gains on Tuesday. Russia supplies around 10% nickel to the world.

"Certain anti-dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked in larger public interest considering prevailing high prices of metals," Finance Minister Nirmala Sitharaman said in her Budget Speech.

Chinese stainless steel futures surged more than 5% on Tuesday, boosted by tight supply concerns as producers cut production, while strong raw material prices also offered support.