India imposes anti-dumping duty on certain steel products
India has imposed anti-dumping duty on certain variety of steel products imported from China and European Union to protect the domestic players from cheap inbound shipments.
The duty was slapped on 'pre-painted, colour coated or organic coated flat steels in coils or not in coils whether or not with metallic coated substrate of zinc, aluminium-zinc or any other substrate coating, excluding plates of thickness 6mm or more'.
The Department of Revenue in a notification said that the anti-dumping duty is being imposed for six months on the imports from these countries.
The measure follows recommendation by the Directorate General of Anti-Dumping and Allied Duties (DGAD) that these steel items was being exported by these countries at below the normal value and the domestic industry has suffered material injury because of such imports.
An anti-dumping duty equivalent to the difference between the landed value of steel products and $849 per tonne will be imposed on the products, the notification said.
"The anti-dumping duty imposed under this notification shall be effective for a period not exceeding six months (unless revoked, superseded or amended earlier)...and shall be paid in Indian currency," it added.
While DGAD recommends the duty to be levied, the Finance Ministry notifies it.
Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports. As a counter-measure, they impose duties under the multilateral WTO regime. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.
The government has earlier also imposed minimum import price on 19 steel products till February 4.