The government on Tuesday announced the withdrawal of anti-dumping duties on certain steel products imported from countries, including China, in a move aimed at curbing high metal prices and boosting domestic production.
The countervailing duty (CVD) is also permanently abolished 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anti-dumping and CVD on stainless steel and coated flat products, alloy steel bars and high-speed steel bars are being withdrawn in the greater public interest given the prevailing high metal prices,” Finance Minister Nirmala Sitharaman said in her budget speech.
Technical exporters have demanded that the government take steps to contain high steel prices.
The anti-dumping duty was abolished on straight and alloy steel bars imported from China. It was imposed on October 18, 2018. A similar step was taken for flat-rolled steel products plated or coated with an aluminum or zinc alloy imported from China, Vietnam and Korea.
It was also repealed for non-cobalt grade high speed steels imported from Brazil, China and Germany. It was minted on September 25, 2019.
Countries are launching anti-dumping investigations to determine whether domestic industry has been harmed by a sharp rise in below-cost imports. As a countermeasure, they impose obligations under the multilateral WTO regime. Anti-dumping measures are being taken to ensure fair trade and provide a level playing field for 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 proceedings against dumped imports from China.