India to impose anti-dumping duty on select steel products
02 Aug 2016
The Directorate General of Anti Dumping Duties (DGAD) has recommended provisional anti-dumping duty on imports of hot-rolled steel products, as a measure to shield local producers against cheap imports from countries like China, Japan and South Korea.
The DGAD recommended the duties on steel products from China, Japan, South Korea, Russia, Brazil and Indonesia to reduce overseas purchases of the alloy and shield local mills, DGAD stared in a release on Tuesday.
The anti-dumping duty will come into effect after the government formally notifies the tax.
Domestic steelmakers such as the Steel Authority of India, JSW Steel and Tata Steel have been complaining of loss of market due to undercutting by foreign steel producers who dump cheap steel on Indian customers.
They have been demanding protectionist measures to prevent cheap overseas purchases that were undercutting local mills and squeezing margins.
Meanwhile minister of steel Chaudhary Birendra Singh has asked domestic steel makers to take steps to promote use of steel "Domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario," a statement by domestic steel giant SAIL said quoting the minister at a customers meet in Jind (Haryana).
The steel minister advised domestic steel producers to explore ways to enhance steel consumption and utilise the time in the highly dynamic economic scenario.
"Domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario," a statement by domestic steel giant SAIL said quoting the minister.
The customer meet, to boost steel consumption in Haryana, was organised by state-run steelmakers SAIL and RINL.
SAIL and RINL should quickly stabilise their modernised facilities, maximise their performances and strengthen the domestic sector, Singh said. "Domestic steel industry should exhibit a sense of urgency in leveraging their R&D strength thus improving their cost efficiencies," he added.
