India begins anti-dumping probe into steel imports
12 Apr 2016
India has initiated investigations into the possible dumping of cheap steel products into the country by six nations, including China, Japan and South Korea, reports quoted sources at the Directorate General of Anti-Dumping and Allied Duties (DGAD) as saying.
The other three nations being probed by anti-dumping authorities over the export of cheap hot-rolled flat steel products in coils and sheets into India are Russia, Brazil and Indonesia, the Reuters report stated.
Exporters have 40 days to respond to the notice of initiation, the source said. A formal notification will be issued on Tuesday.
The investigations follow complaints by domestic steelmakers, including JSW Steel, Essar Steel and Steel Authority of India, to the DGAD demanding that anti-dumping duties be slapped on cheap imports flooding local markets and pressuring margins.
India's steel imports surged 20 per cent in the financial year ended 31 March 2016, government data show.
The government had, in February, imposed a floor price on some imported steel products in an effort to curb purchases of cheap foreign steel and imposed safeguard duties on these products.
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