The Indian government said it was imposing anti-dumping duty on stainless steel, an effort to protect the beleaguered local industry from cheap imports flooding the market.
The anti-dumping duty between 5-57 percent has been levied for a period of five years after domestic companies complained that their bottomline was being hit by cheap imports from countries such as China and South Korea.
Imports from China will now attract a duty of 57.3 percent, while a duty of 52.6 percent has been imposed on imports from the European Imports from South Korea would attract a duty of 13.44.percent and those from South Africa almost 37 percent, according to a notification from the Central Board of Excise and Customs (CBEC). The anti dumping duty on imports from US and Thailand is in the range of 5-9%.
The anti-dumping duty on cold-rolled steel from Thailand has been put at 5.39 percent, 15.93 percent on imports from Taiwan and 12.34 to 36.91 percent from South Africa.
CBEC said that the there is continued dumping of the subject goods from the subject countries/territories though the volume of imports has declined after imposition of duties.
“The performance of the domestic industry has deteriorated in the current injury period due to the impact of the dumped imports from the subject country and diversion of imports to product ranges outside the scope of the product under consideration. The dumping is likely to continue and the performance of the domestic industry is likely to deteriorate, should the present anti-dumping duty is revoked,” it said.
The government had already imposed a 20% duty on imports in September to protect the domestic steel industry. There is a possibility of the government also imposting safeguard duty imports of hot rolled flat sheets of alloy or non-alloyed steel as well after companies such as Steel Authority of India Ltd, Essar Steel India Ltd, JSW Steel Ltd and Jindal Steel and Power Ltd that together account for more than 50% of domestic production sought further levies.