India Imposes Anti-Dumping Duty On Certain Chinese Steel Products
The Centre imposed anti-dumping duty on imports of certain steel wire rods from China, attempting to protect domestic players from cheap in-bound shipments.
The anti-dumping duty shall be effective for five years, unless revoked, superseded or amended earlier, and shall be payable in Indian currency, the department of revenue said in a notification. The duty will be applicable from the date of imposition, which is November 2, 2016.
The levy was imposed after the commerce ministry's directorate general of anti-dumping and allied duties (DGAD) recommended duty on such imports. In its findings, the DGAD concluded that “wire rod of alloy or non-alloy steel” has been exported to India at below the normal value due to which domestic industry has suffered material injury.
The duty would be the difference between the landed value of the steel products and $535 per tonne while for others, it should be the gap between the landed value and $546 per tonne.
These steel products are used in many sectors such as automotive components, railway, engineering and construction. India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four nations, including China and South Korea.
While DGAD recommends the duty to be levied, the finance ministry imposes it.
Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports. As a counter-measure, they impose duties under the multilateral World Trade Organisation regime.
Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.
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