Union Budget 2022: 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.
Engineering exporters have demanded from the government to take steps to control high steel prices.
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.
Source:financialexpess.com