DGAD imposes definitive ADD on 47 steel products from China and 5 other countries
The Dollar Business Bureau
India imposes definitive anti-dumping duty(ADD), effective for 5 years on 47 products of alloy or non-alloy steel from China PR, Japan, Korea RP, Russia, Brazil and Indonesia.
The duty imposed carried a minimum price of $478/ metric tonne to a maximum amount of $561/metric tonne. The ADD would be effective from the date of imposition, April 8, 2017 as notified in the DGAD notification no- 17/2017 dated 11/05/2017.
Of the total steel imported in India during 2015-16 the imports of hot rolled and cold rolled coils was 47% and with the imposition of duty it came down to 36%. Now with the latest notification of the government of extending the anti-dumping duties to hot rolled and cold rolled flat products of alloy and non-alloy steel, the domestic steel industry will benefit greatly. Reports suggest that the ADD could be extended to 124 products of steel in the next couple of months.
It should be recollected here that MIP on 19 colour coated steel products was discontinued. The Steel Minister, Chaudhary Birendra Singh had very recently announced ‘that industry must gear up to face global competition as protectionist measures like MIP and anti-dumping cannot continue indefinitely.’ It was also detailed then that the MIP on 173 items was brought down to 19, with the rest being converted to anti-dumping duty.
Domestic steel producers had urged the government to extend the MIP on certain products, as the act of imposing MIP had improved the domestic steel’s viability after a long time. The country’s steel production and consumption increased in 2017-18 from 89.79MT of crude steel in 2015-16 crediting it as the world’s third largest crude steel producer. This in turn led to an increase in infrastructure allocation by the Government in the 2017-18 Union Budget, which in turn is likely to drive the pace of construction and infrastructure in the country as revealed in the Care Ratings report released in February. To add to the overall positive turn of events for the steel sector, the National Steel Policy 2017 report reveals a further increase in steel production.