Revoking of CVD, ADD to hurt earnings of domestic stainless steel industry

"Traders are expected to stock up cheap imports creating huge inventories in the coming months ahead of an anticipated demand boom in the sector," said an official of a large stainless steel firm

Revoking of countervailing duty (CVD) and anti-dumping duty (ADD) on stainless steel products would give China a free hand in dumping cheap imports to the country, industry officials said on Wednesday.

In the Union Budget for FY22, Finance Minister Nirmala Sitharaman announced revoking of countervailing duty on imports of flat products of stainless steel, originating in or exported from Indonesia.

“The problem stainless steel industry faces is that it is mistaken to be part of the steel industry. It is not. It is a separate industry, which is facing dumping from China already since 2017. This move by the government