Furthering its efforts to protect the domestic steel industry, the government has imposed anti-dumping duty on cold rolled steel products exported from Korea, Japan, China and Ukraine. As per finance ministry’s notification, the duty will be the difference between the landed value of the steel products and $576 per tonne and will be effective for a period of five years from the date of imposition of the provisional anti-dumping duty i.e. the 17th August, 2016.
The Directorate General of Antidumping and Allied Duties (DGAD) which administers the anti-dumping and countervailing measures in India, in its final findings concluded that the domestic industry has suffered material injury due to dumping of these items and recommended imposition of definitive anti-dumping duty on the imports of these goods in order to remove injury to the domestic industry. Earlier, Essar Steel India, Steel Authority of India, JSW Steel and JSW Steel Coated Products had jointly filed the application for dumping probe and other cold rolled steel products manufacturers like Bhushan Steel and Tata Steel have supported the cause.
With an aim to restrict cheaper imports, the government in last week had issued a similar notification to impose an anti-dumping duty on 47 hot rolled steel products from half-a-dozen nations, including China, Japan, Korea, Russia and Indonesia, for a period of five years. Countries initiate anti-dumping probe to determine if the domestic industry has been hurt by flooding of below-cost import.