NEW DELHI: Indian government on Tuesday imposed anti-dumping duty on imports of ''Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc'' originated from China, Vietnam, South Korea for a period of five years to safeguard domestic manufacturers from cheap imports.
According to the government notification dated June 23, the duty was imposed after the Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR), in its probe, concluded that product which are originated or exported from these countries are below its associated normal value, which resulted in dumping and is hurting domestic industry.
The duty imposed is in the range of USD 13.07 per tonne to USD 173.1 per tonne on imports of ''Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc'' from these three countries.
"The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, amended or superseded earlier) from the date of imposition of the provisional anti-dumping duty, that is, October 15, 2019," the department of revenue said in a notification.
This was long pending demand from the domestic steel players since last two years. Imposing anti dumping duty will increase the price of the product in India and will this hit margins of firms and thus ensures a level-playing field for domestic producers vis-a-vis foreign producers and exporters, as per the WTO norms.
The DGTR had earlier initiated anti-dumping duty probe against certain kinds of aluminium foil imported from China, Indonesia, Malaysia and Thailand after getting complain from domestic players like Hindalco Industries, Raviraj Foils and Jindal India Ltd.
Sources claim that government may initiate more such moves and has listed about 400 odd products for duty hikes.