India on Tuesday imposed anti-dumping duty on certain hot-rolled steel products from six nations including China and South Korea with an aim to guard domestic players from cheap imports. The duty will be the difference between the landed value and the respective prescribed value which is $474 per tonne and $557 per tonne.
The anti-dumping duty imposed "shall be effective for a period not exceeding six months (unless revoked, superseded or amended earlier)...and shall be paid in Indian currency," the Department of Revenue under the Ministry of Finance said in a notification.
The restrictive duty was slapped on the imports of "Hot- rolled flat products of alloy or non-alloy steel" from China, Japan, Korea, Russia, Brazil and Indonesia. The anti-dumping duty was imposed on recommendation of the Directorate General of Anti Dumping (DGAD), an arm of Commerce Ministry. Essar Steel India, Steel Authority of India and JSW Steel had jointly filed an application before DGAD for initiation of anti-dumping investigation concerning the imports. They had complained of dumping and consequent injury and requested for levy of anti-dumping duty on the imports from these countries.
According to the notification, Korean firms attracting the anti-dumping duty are Hyundai Steel Company and POSCO. Three Japanese companies JFE Steel Corp, Nippon Steel and Sumitomo Metal Corp are also featuring in the list.