Govt may extend anti-dumping duty on cold rolled steel

Government may extend anti-dumping duty of up to 57.39 per cent on certain steel products imported from China, Korea and four other countries, and also from the EU to protect domestic industry from cheap shipments.
The Directorate General of Anti-Dumping and Allied Duties (DGAD), after 'Sun Set Review' on anti-dumping duty on 'Cold Rolled Flat Products of Stainless Steel', recommended that the duty should continue for another five years.
"Having conducted the investigation as per the procedure prescribed and having established that dumping and injury are continuing and are likely to continue, or recur, if the duties are revoked, the Authority considers it necessary and appropriate to recommend extension of anti-dumping duty on imports of subject goods...," the DGAD said.

Definitive anti-dumping duty was imposed on the import of such steel products in April 2009.
But before expiry of the duty, Jindal Stainless filed an application in January 2014 before DGAD, alleging likelihood of continuation or recurrence of dumping and consequent injury to the industry if duty is removed, and requested its continuation.
The Revenue Department in the Finance Ministry is the final authority to impose anti-dumping duty.

In the final findings, the DGAD has recommended anti dumping duty ranging between 4.58 per cent and 57.39 per cent of the landed value of the steel products.
The DGAD has recommended anti-dumping duty on the products imported or originating from China, Korea, the European Union, South Africa, Chinese Taipei, Thailand and the US.

Cold rolled flat products of stainless steel are used for manufacturer of white goods, processed equipment, dairy equipment, automotive components, rail carts, metro coaches, architecture, building and construction, among others.
Earlier, the government had slapped safeguard duty on import of certain steel products. Government had also increased import duty on certain flat and long steel products.
Countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports.