India likely to impose anti-dumping on certain varieties of Chinese steel

10 Sep 2018 Evaluate

With an objective to protect domestic players from cheap imports of the commodity from Chain, India is likely to impose anti-dumping duty of up to $185.51 per tonne for five years on certain varieties of Chinese steel. JSW Steel, Sunflag Iron & Steel Co, Usha Martn, Gerdau Steel India, Vardhman Special Steels and Jayaswal Neco Industries had jointly filed an application for initiation of the investigations and levying of anti-dumping duties on the steel.

The Directorate General of Trade Remedies (DGTR), in its anti-dumping investigations, has said that dumped imports of 'straight length bars and rods of alloy steel' from China have increased in absolute terms during the period of probe (2016-17). It further stated that the dumped imports are undercutting the prices of the domestic industry and due to this the domestic industry's profits, return on capital employed and cash profits have declined during 2016-17.

DGTR recommended duty in the range of $44.89 per tonne and $185.51 per tonne. Though, it highlighted that no anti-dumping duty shall be payable on imports of forged bars and tool and die steel if their landed value is above $659.91 per tonne. If the landed value is lower than $659.91 per tonne, then the difference between that value and $659.91 per tonne shall be payable as anti-dumping duty. Besides, it pointed out that the imposition of anti-dumping duties might affect the price levels of the product in India. However, fair competition in the market will not be impacted by the imposition of these trade remedy measures.

Additionally, in the financial year 2016-17, imports of straight length bars and rods of alloy steel from China have increased to 1,80,959 tonnes from 56,690 tonnes in 2013-14. India's total imports rose to 2,56,004 tonnes in FY17 from 1,32,933 tonnes in FY14. The demand of this steel in India too increased to 16,69,653 tonnes in FY17 from 15,14,795 tonnes in FY14. Moreover, the trade gap with China has increased to $63.12 billion in FY18 from $51.11 billion in the previous financial year. Domestic steel manufacturers always flag concerns over the imports from the neighbouring country, with which India has a huge trade deficit.

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