India slaps anti-dumping duty on 47 steel products
Anti-dumping duty has been imposed for five years on 47 steel products including hot-rolled flat products of steel.
New Delhi: India has imposed anti-dumping duty on 47 steel products from half-a-dozen nations, including China, Japan, Korea, Russia and Indonesia, to protect domestic industry from cheap imports.
Anti-dumping duty has been imposed for five years on 47 steel products including hot-rolled flat products of steel and those coated with zinc and clad steel. An official notification issued late yesterday stated that the anti-dumping duty will be in effect for five years beginning August 8, 2016.
The duties are in the range of USD 478-561 per tonne. It said the Directorate of Anti-Dumping and Allied Duties (DGAD) has found in its investigation that the subject goods have been exported to India at below their normal value, thus resulting in dumping of the product.
This has resulted in "material injury" to domestic industry, it said, and recommended "imposition of definitive anti-dumping duty on the imports of subject goods."
The duty has been levied on hot-rolled flat products of alloy or non alloy steel, originating in or exported from China, Japan, Korea, Russia, Brazil and Indonesia, the notification said.
Companies affected by the duties include Hyundai Steel, POSCO and Samsung C&T of South Korea, while Japan's Honda Trading Corp, Mitsui & Co Ltd, Uttam Galva International, Nippon Steel, Sumitomo Corp, Toyoto Tshusho Corp and Marubeni-Itochu Steel would also come under its purview.
From China, the companies to be impacted include Jiangsu Shangang, Xinsha International, Burwill Resources, Lu Qin, GS Global and Steelco Pacific. India had imposed provisional anti-dumping duty on the steel products with effect from August 8, 2016 for six months. They were extended by two months in February. The same are now being regularised and levied for a five-year period.
Besides, India had previously imposed the duties on August 17, 2016, for six months on cold-rolled flat products of alloy or non-alloy steel from China, Japan, South Korea and Ukraine. The same were extended by two more months. Now, the duties have been imposed on hot-rolled products for five years.
"The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, August 8, 2016, and shall be payable in Indian currency," the notification said.