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India Slaps Anti-Dumping Duty on Steel Products

India Slaps Anti-Dumping Duty on Steel ProductsIndia Slaps Anti-Dumping Duty on Steel Products

India on Tuesday slapped anti-dumping duty on import of hot-rolled steel products from six nations, in a bid to shield domestic manufacturers against cheaper inward shipments.

An anti-dumping duty of $474-557 per ton was imposed on ‘hot-rolled flat products of alloy or non-alloy steel’ import from China, Japan, South Korea, Russia, Brazil and Indonesia, the Department of Revenue in the Ministry of Finance said in a notification, PTI reported.

The duty would be in force for six months till February 7, 2017.

The anti-dumping duty was imposed on recommendation of the Directorate General of Anti Dumping (DGAD).

An anti-dumping duty of $474 per ton was imposed on import of hot-rolled flat products of alloy or non-alloy steel of a width up to 2,100 mm and thickness up to 25 mm from South Korea and Japan.

South Korean firms slammed with 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.

A similar anti-dumping duty was slapped on import of similar products from China, the exporter company being Angang Steel Company Ltd and Zhangjiagang. Imports of the same from Indonesia, Russia and Brazil too attracted $474 per ton duty.

Hot rolled flat products of alloy or non-alloy steel not in coils (commonly known as sheets and plates) of a width up to 4,950 mm and thickness upto 150 mm imported from South Korea, Japan, China, Russia, Brazil and Indonesia would attract $557 per ton anti-dumping duty.

DGAD “has come to the provisional conclusion that the subject goods have been exported to India from the subject countries below normal value (and) the domestic industry has suffered material injury on account of subject imports from the subject countries,” the notification said.

Also, DGAD felt “the injury has been caused by the dumped imports of the subject goods from the subject countries.”

In related news, as a penalty for selling their products in the American market below fair value, the US Department of Commerce in early June imposed increased anti-dumping duty rates on cold-rolled steel imported from China and Japan. The duty rates imposed on China’s and Japan’s largest cold-rolled steel exporters are now 256.44% and 71.35% respectively.

Financialtribune.com