The Indian government has enforced anti-dumping duty ranging from 5% to 57% on imports of cold-rolled sheets from several countries including China, USA, South Africa, Thailand and Taiwan. The above duties will be valid for a period of five years.
The steel imports from China will be levied the highest duty of 57.39%. The lowest duty of 5.39% has been levied on imports from Thailand. Anti-dumping duties of 9.47% have been imposed on stainless steel cold-rolled flat products imported from the US. The imports from the EU region will be charged duties ranging from 29.41% to 52.56%.
According to the government, the move to further raise the duties comes after the 20% import tax failed to curb rising imports of subject goods from these countries, thereby hurting local producers including the state-owned Steel Authority of India Limited (SAIL). The government action is based on complaints received from domestic producers that dumping of cheaper goods from the above mentioned countries have led to deterioration in performance of local industry. The dumping of steel products has also impacted the operating margins of these companies.
Meantime, the country’s Commerce and Steel Ministries are reportedly in talks to soon fix a minimum import price (MIP) for steel products in order to safeguard the domestic industry from mounting inward shipments. The Ministries have proposed MIP for around 30 steel products, and are in the final stage of discussions to finalize the list of products that should be included in the MIP list. Products such as pig iron, semi-finished products and cold-rolled coils are expected to find place in the list.
Earlier in September, the government had imposed 20% safeguard duty on hot-rolled flat products of non-alloy and other alloy steel.
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