New Delhi: The Finance Ministry has imposed anti-dumping duties ranging from $180 to $316 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry.
The move comes after the Commerce Ministry in March said the domestic industry was suffering "material injury due to such dumped imports" and that a definitive measure was required to stop it.
The anti-dumping duties will be effective for a period of five years, the Finance Ministry said in a statement late on Friday.
"It's a welcome move and a necessary one to save the domestic industry which (is) at the suffering end," said N C Mathur, president of the Indian Stainless Steel Development Association.
India consumes about 1 million tonnes of this type of stainless steel and more than 40 per cent of that is imported, mainly from China.
Steelmakers from Asia to Europe are facing increasing pressure from a rise in cheap imports as Russia and Ukraine, armed with weaker currencies, join China in pushing surplus output on to world markets.
Many steel companies in India, such as Tata Steel, JSW Steel and Kalyani Steels, have seen profits come under pressure.
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