India slaps anti-dumping duty on Chinese poly-yarn
New Delhi: India has imposed anti-dumping duty of up to $528 per tonne for 5 years on a Chinese polyester yarn used in automobile and other industries.
The move will provide a level playing field to domestic players and guard them against below-cost imports.
Commerce Ministry's investigation arm Directorate General of Anti-dumping and Allied Duties (DGAD) had recommended the duty after a probe into alleged dumping of 'High Tenacity Polyester Yarn' from China. The probe followed complaints by the domestic players, who alleged that below-cost import of the yarn from China is hurting the industry in India.
The finance ministry has imposed the duty on the product after considering the recommendations of DGAD.
"The anti-dumping duty imposed...shall be effective for a period of five years (unless revoked, superseded or amended earlier) and shall be paid in Indian currency," the Finance Ministry said in a notification. The duty imposed is in the range of $174-528 per tonne.
High Tenacity Polyester Yarn is used for manufacture of tyre cord fabric, seat belt webbing, ropes, coated fabric, conveyor belt fabric and automotive hose.