India imposed anti-dumping duty on seven exporters including EU, Korea, and China for Stainless Steel

New Delhi, October 26: To protect the interest of domestic industry from cheap imports and by the recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD), India has levied anti-dumping duty on the seven exporters including European Union (EU) and several other nations, including China and Korea on certain stainless steel products.

 

A notification was issued by the Revenue department stating that on the landed value of cold-rolled flat products of stainless steel the levy ranges between 4.58 percent and 57.39 percent. While until December 10, 2020, the duty will be in effect and also some grades of stainless steel have been exempted from the levy. On China, Taiwan, South Korea, South Africa, Thailand, the United States and the European Union the anti-dumping duty will be imposed regarding the imports of stainless steel products.

Earlier this month, an Anti-dumping duty has been imposed by the government on the imports of steel wire rods from China for five years. The duty was imposed by the Commerce Ministry’s directorate general of anti-dumping and allied duties (DGAD) to guard the interest of the domestic industry from the cheap inbound shipments.

Anti-dumping duty is not to restrict imports but it is a measure for the fair trade practice which will help in protecting the interest of domestic industrialists. It shall be payable on the imports of the subject goods if it is slit for a combination of subject goods and below subject goods size or below subject goods sizes.