Author: Paul Ploumis
12 Jun 2015 Last updated at 06:21:10 GMT
NEW DELHI (Scrap Monster): The Indian government has decided to impose anti-dumping duty on certain grades of stainless products imported from China, Malaysia and South Korea. The products comprises of certain hot-rolled flat stainless steel products used by auto sector. The Union Finance Ministry notification to this effect was released last Friday. The duties have been imposed on recommendation by the Directorate General of Anti-Dumping Duty (DGAD).
According to the notification, the duty will be valid for a period of five years and will range between $180 and $316. A duty of $316 per tonne has been imposed on imports from Malaysia, whereas imports from China were fixed an anti-dumping duty of $309 per tonne. Imports from Korea will have anti-dumping duty of $180 per tonne.
The imposition of duties is aimed to protect domestic stainless steel industry in the country by limiting imports. The Indian Stainless Steel Development Association has welcomed the decision, saying that it would lend a helping hand to the struggling domestic stainless steel industry in the country.
The DGAD had initiated investigations concerning alleged dumping of ASTM Grade 304 stainless steel products based on application filed by Jindal Stainless Steel. Further to investigations, DGAD had concluded that dumping of these products from the three countries below its associated normal value has injured the domestic steel makers in the country.
According to rough estimates, India consumes nearly 1 million tonne of industrial grade stainless steel per year. Out of this, imports, mainly from China, Malaysia and South Korea account for nearly 40%.