India to slap anti-dumping duty on steel import from 6 nations.

NEW DELHI: India is expected to impose an anti-dumping duty of up to $557 per tonne on imports of certain steel products from six countries, including China, Japan and Korea.

In its preliminary findings, the Directorate General of Anti-Dumping and Allied Duties (DGAD), under the Commerce Ministry, has found that hot-rolled flat products of alloy or non-alloy steel has been exported to India from China, Japan, Korea, Russia, Brazil and Indonesia 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.

DGAD has recommended an anti-dumping duty in the range of $474-557 per tonne on the imports.

Essar Steel India, Steel Authority of India and JSW Steel had jointly filed an application before DGAD for initiation of anti-dumping investigation concerning the imports.

They 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.

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