India’s Commerce Ministry has launched an inquiry, based on a complaint by Indian steel players, to review the need to reimpose anti-dumping duties on certain steel products imported from at least seven countries, the New Indian Express reported.
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Reimposition of anti-dumping duties
A few months ago, India imposed duties on steel products imported from the U.S., China, Korea, European Union, South Africa, Taiwan and Thailand. With the duties, India aimed to safeguard Indian steel manufacturers from cheap imports.
However, the Commerce Ministry’s Directorate General of Trade Remedies (DGTR) launched a an anti-dumping probe. The investigation follows an application filed by Jindal Stainless Ltd, Jindal Stainless (Hisar) Ltd and Jindal Stainless Steelway Ltd. The “sunset” review covers imports of cold-rolled flat products of stainless steel, of width ranging from 600-1,250 mm from the seven countries.
Countries can impose tariffs on such dumped products to provide a level playing field for domestic manufacturers.
Dumping happens when a company or country exports an item at a price lower than the price of the one made in its domestic market. As such, dumping impacts the product price in the importing nation.
India first imposed the anti-dumping duty in this case in February 2010. India extended the duty in December 2015.
Incidentally, India recently turned a net exporter of steel to China. Furthermore, between April and August, 60-80% of the total steel produced by Indian companies was exported to China.
Meanwhile, the DGTR also recommended continuation of anti-dumping duty on certain steel products imported from China, Malaysia and Korea for five more years.
The DGTR said the decision followed a probe related to continued dumping of hot-rolled flat products.
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