The government on Tuesday announced revoking of anti-dumping duties on certain steel products imported from countries including China, a move aimed at containing high prices of metals and promoting domestic manufacturing.
Countervailing duty (CVD) is also being permanently removed on imports of certain hot-rolled and cold-rolled stainless steel flat products from China.
”Certain anti-dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked in larger public interest considering prevailing high prices of metals,” Finance Minister Nirmala Sitharaman said in her Budget Speech.
The anti-dumping duty was removed on straight length bars and rods of alloy steel, imported from China. It was imposed on October 18, 2018. A similar move was done for flat-rolled products of steel, plated or coated with an alloy of aluminium or zinc imported from China, Vietnam and Korea.
It was also revoked on high-speed steel of non-cobalt grade, imported from Brazil, China, and Germany. It was slapped on September 25, 2019.
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 WTO 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 the cost of products. India has initiated maximum anti-dumping cases against dumped imports from China.