Inquiries : 737 - 2015-12-14 17:28:30
India imposed five-year anti-dumping duties on stainless steel
imports from China, the European Union and the United States on Friday, as the
government tries to help local companies suffering from cheaper imports.
The government said the duties on cold-rolled flat stainless steel products ranged
from 4.6% to 57.4%. Imports from South Korea, South Africa and Thailand will
also be taxed.
The move follows the government's introduction of a 20% import tax on some
steel products in September, which failed to contain losses for Indian steel
companies struggling to compete under large debts and high raw material costs.
Firms including the Steel Authority of India, JSW Steel and Essar Steel have in
recent months complained that surging imports are squeezing profitability.
"It's a welcome step because today what is hurting the Indian manufacturing sector
is dumping," said Seshagiri Rao, joint managing director at JSW Steel.
The Directorate General of Safeguards, a branch of the finance ministry that can
impose temporary import curbs, said on Tuesday it found prima facie evidence
that increases in imports "have caused or threatening to cause serious injury to
the domestic producers".
Indian trade minister Nirmala Sitharaman said New Delhi will lobby for the
freedom to raise tariffs temporarily to deal with import surges at upcoming World
Trade Organisation talks, which begin in Nairobi next week. Imports of iron and
steel declined slightly to $6.9 billion during April-October period in the current
financial year 2015/16 from $7.1 billion a year ago, Commerce and Industry
Ministry data shows.