Govt slaps anti-dumping duty on steel pipes, tubes from China
Government has imposed a provisional anti-dumping duty for six months on seamless tubes, steel pipes, among others imported from China. In March, the Directorate General for Anti-dumping and Allied Duties (DGAD) had recommended to the Revenue Department to impose provisional levy on import of certain types of iron and steel pipes from China used in oil and gas exploration in a bid to protect the domestic industry from cheap imports.
“The Central Government... hereby imposes on the subject goods, ... an anti-dumping duty at a rate which is equivalent to difference between the landed value of the subject goods...,” the Central Board of Excise and Customs (CBEC) said in a notification. The anti-dumping duty will be in the range of $961.33-1,610.67.
“The duty imposed under this notification shall be effective for a period not exceeding 6 months (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be paid in Indian currency,” it said. ISMT Ltd and Maharashtra Seamless had moved the DGAD for imposition of the duty on “seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14.”
They had alleged dumping of the products, originating in or exported from China, and the consequent injury to them. In its preliminary findings, DGAD said it was of the view that imposition of “provisional duty is required” to offset dumping and injury, pending completion of investigation. “Therefore, Authority (DGAD) considers it necessary and recommends imposition of provisional anti-dumping duty on imports of subject goods from the subject country...,” it said in a notification.
In July last year, the DGAD had initiated a probe into the alleged dumping, and its adverse impact on the domestic industry. The product being considered by the DGAD includes boiler pipes or line pipes used in hydrocarbon industry and casing and tubing of a kind used in drilling for oil and gas exploration.
The purpose of anti-dumping duties, in general, is to eliminate injury caused to the domestic industry by the unfair trade practices of dumping so as to re-establish a situation of open and fair competition in the market, which is in the general interest of the country.
JSW Steel QUARTERLY PROFIT RISES over two-fold to `171.25 CRORE
Sajjan Jindal-led JSW Steel on Wednesday reported an over two-fold jump in consolidated net profit at Rs 171.25 crore for the quarter ended March 31, mainly due to higher sales.
The company had clocked a net profit of Rs 62.38 crore in the year-ago period, it said in a BSE filing. Total consolidated income of the firm, however fell by 15 per cent to Rs 10,697.52 crore in January-
March quarter of last fiscal against Rs 12,599.70 crore in 2014-15.
The imposition of minimum import price on various steel products during the quarter provided some relief and even though domestic iron ore prices increased, the firm benefited to some extent on account of lower coking coal prices, it said in a statement.
March quarter was marked by the re-commissioning of Blast Furnaces which were under planned shutdown towards relining, modification and capacity expansion at all three upstream steel making locations -- Vijayanagar, Dolvi and Salem.
The furnaces at Vijayanagar and Salem works were re-commissioned in February 2016 and the one at Dolvi was re-commissioned only in March 2016. As a result, the company has been able to record crude steel production for the quarter at 3.21 million tonnes (mt), up 5 per cent year-on-year and 19 per cent quarter-on-quarter. Saleable Steel sales volume stood at 3.28 mt, up 7 per cent on annual basis and 29 per cent on sequential basis.