EXIM NEWSNo Comments
India has levied antidumping duties on certain steel products imported from other countries. This is the latest measure taken by the government to protect the domestic steel producers from cheap imports. The center has taken many such measures before also which have been questioned by other countries.
The Finance Ministry on Friday rolled out a statement on its website which informs about the antidumping duties on hot-rolled flat products of alloy or non-alloy steel which have been produced in or shipped from China, Japan, Korea, Russia, Brazil, and Indonesia. This duty is applicable for five years starting from August 8, 2016.
These duties are latest in the protectionist measures taken by the government in the last two years for safeguarding the domestic steel industry. India’s steel industry is the third largest in the world by the output and the center has put a floor price on imports. Such protectionist measures by the center had led Japan which is the second biggest steel producer in the world to put a complaint to World Trade Organization for investigating India’s actions.
The Indian steel producers have benefited with the various restrictions being imposed on imports. The steel imports have fallen by 37% to 7.4 million tonnes and exports have inflated by 102% to 8.2 million tonnes in FY 2016-17 when compared with the figures one year back.
Directorate General of Anti-Dumping and Allied Duties (DGAD) had suggested this move of applying duty on hotrolled steel which the ministry of finance has accepted. DGAD have also given a similar suggestion for cold rolled products also which the finance ministry is scrutinizing.