On cold-rolled flat steel products, The Finance Ministry has extended an anti dumping duty for 6 months. On hot-rolled flat steel products, Anti-dumping duty was slapped, just 15 days back.
The administration desires to give shelter the domestic steel industry. Hence, comes the temporary anti dumping levy on cold-rolled flat products of steel imported from China, South Korea, Japan and Ukraine.
Cold-rolled steel products are required for various industries such as- appliances, automotive, furniture, general engineering, electrical panels, capital goods, packaging including drums and barrels, construction, colour coating, coating and plating including galvanising, tinplates etc.
Within two weeks of approval from Commerce Ministry, this Revenue Department has decided to put this levy. difference of $ 594 per tonne and “landed value” to exporters of these four countries is the Anti-dumping duty. For some producers, Revenue department has ordered an ‘Nil’ rate has also.
On cold-rolled flat products of steel, Steel Authority of India Ltd, Essar Steel India Ltd, JSW Steel Coated Products Ltd and JSW Steel Ltd had urged for anti-dumping duty.
According to steel industry people, on 66 products minimum import price should be put for two months in early August. All steel imports will be capsuling by the anti-dumping duty on hot-rolled flat steel products and the same on cold-rolled steel products.
Government is taking these steps since the steel imports increased to 20% at 11.208 million tonnes in 2015-2016 to make sure that local industry is competitive. Minimum import price was imposed in February 2016 to check imports. In the period April-July 2016, 34% reduction in imports has been seen when compared to last year.
In 2015-2016, the steel imports increased to 20% at 11.208 million tonnes, so the Govt taking these steps to make sure that local industry is competitive. To check imports, in February 2016 minimum import price was imposed. In comaprision to last year, 34% reduction in imports has been seen, in the period April-July 2016.
The increase in local production by 3.7 per cent to 35.238 million metric tons in April-July during this fiscal has covered the reducing imports. Steel consumption is picking up a stagnant period with 26.18 million tonnes of consumption.