India to slap anti-dumping duty for steel on 6 nations
The Dollar Business Bureau
The government is set to levy an anti-dumping charge of up to $557 a tonne on imports of some steel products from six nations including China, Japan and South Korea.
The Directorate General of Anti-Dumping and Allied Duties (DGAD), in its preliminary investigation, found that hot-rolled flat products of alloy or non-alloy steel has been shipped from China, Japan, Korea, Russia, Brazil and Indonesia to India at "below-normal value", which has caused significant injury to the domestic steel industry.
"Accordingly, the authority recommends imposition of provisional anti-dumping duties on the imports of the subject goods, originating in or exported from the subject countries," DGAD said in an announcement.
DGAD has suggested an anti-dumping charge ranging from $474 per tonne to $557 per tonne on the imports. The import tax could be 10% during the first year; which can be further reduced to 8% during the second and 6% percent during the first six months of the third year.
Earlier, major Indian steel companies Essar Steel India, JSW Steel and Steel Authority of India (SAI) jointly submitted an application before the DGAD, requesting it to initiate anti-dumping investigation pertaining to the metal’s increased imports.
They also requested the DGAD to impose anti-dumping duty on shipments of steel from these countries.
Countries undertake anti-dumping measures to ensure fair trade and enable a level-playing field for the domestic industry.