|Subject||Anti-dumping duty on steel imports from China, 2 other nations|
NEW DELHI : India has slapped anti-dumping duty of up to $316 per tonne on imports of certain steel products from three countries, including China, to protect domestic producers from below-cost inbound shipments.
A duty of $309 per tonne has been imposed on imports from China, while $316 per tonne duty has been fixed for Malaysia and $180 per tonne for Korea.
The Finance Ministry imposed the duty on the recommendation of Directorate General of Anti-Dumping Duty.
The duties have been imposed for five years on imports of certain variety of hot-rolled flat products of stainless steel used in sectors such as auto.
These steel products are used for manufacture of process equipment, reactor vessels, material handling equipment, railways, pipes and tubes, automotive components, architecture, building and construction, industrial fabrication and power sector.
The Directorate General of Anti-Dumping Duty (DGAD), under the commerce ministry, had initiated and conducted investigation into dumping, injury and causal links between dumping and injury to the domestic industry.
Jindal Stainless had filed an application before the authority for initiation of an anti-dumping investigation concerning alleged dumping of certain "Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants" originating in or exported from China, Korea and Malaysia.
In its probe, the DGAD had concluded that the goods have been exported to India from these countries below its associated normal value, thus, resulting in dumping of the product.
It has also concluded that "the domestic industry has suffered material injury and the injury has been caused to the domestic industry, both by the volume and price effect of dumped imports of the subject goods originating in or exported from the subject countries".
The Finance Ministry has said that the anti-dumping duty imposed shall be effective for a period of five years.
Welcoming the decision, Indian Stainless Steel Development Association said: "Domestic stainless steel industry has started showing signs of being a sick industry, as excessive imports have threatened the huge investments and resulted in underutilisation of capacities."
Countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports. As a counter-measure, they impose duties under the multilateral WTO regime.
Source : economictimes.indiatimes.com
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