Posted on 02 Oct 2020
Director General of Trade Remedies (DGTR) has recommended extension of anti-dumping duty on some categories of stainless steel products imported from China, Malaysia and South Korea, for a period of five years.
The quantum of duty depends on the category of product—hot rolled stainless steel–as well well as the country and ranges from $155 per tonne to $255 per tonne. The finance ministry will take the final call on the imposition of the duty.
“Having concluded that there is likelihood of continuation/recurrence of dumping and injury if the existing anti-dumping duties are allowed to cease, the authority is of the view that continuation of duty is required on the imports…definitive anti-dumping duty…is recommended to be imposed for five years,” an official statement said.
In 2015, the government has imposed anti-dumping to these products for five years, based on an application on behalf of Jindal Stainless Ltd and Jinal Stainless (Hisar) Ltd. However, the quantum of duty was higher. The latest order comes in the backdrop of the company requesting extension of the duty.
Anti-dumping duty is measure taken by nations to stop the distortive impact of dumping of goods on international trade. The extension of the trade remedy is likely to provide support to domestic steel manufacturers reeling under pressure of cheap imports and has the potential of making them less competitive, thereby impacting their profitability.
Source:Live Mint
