India to impose dumping duty on cold rolled steel imports.

NEW DELHI: India is likely to impose anti- dumping duty on imports of certain cold-rolled steel products from four countries - China, Japan, Korea and Ukraine.

The duty recommended by the commerce ministry will be the difference between the landed value and the prescribed value which $594 per tonne.

In its preliminary findings, the Directorate General of Anti-Dumping and Allied Duties (DGAD), under the Commerce Ministry, has found that 'cold-rolled flat products of alloy or non-alloy steel' has been exported to India from these countries at "below-normal value".

"Accordingly, the authority recommends imposition of provisional anti-dumping duties on the imports of the subject goods, originating in or exported from the subject countries," DGAD said in a notification.

Essar Steel India, Steel Authority of India, JSW Steeland

JSW Steel Coated Products Ltd had jointly filed an application before DGAD for initiation of anti-dumping investigation concerning the imports.

They had complained of dumping and consequent injury and requested for levy of anti-dumping duty on the imports from these countries.

While DGAD recommends duty, it is imposed by the Finance Ministry.

The DGAD has also recommended anti-dumping duties on hot- rolled flat products from six countries including China, Japan and Korea.

To protect domestic industries from cheap imports, the government has extended the minimum import price (MIP) on 66 steel products for a period of two months as against 173 items earlier.

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 multi-lateral 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 cost of products.

Source : economictimes.indiatimes.com