New Delhi, October 11: 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 measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. The Alloy or non-alloy steel wire rod has been exported to India at cheap rates due to which the material injury has been faced by the domestic industry. In the notification of Department of Revenue, it is stated that the imposed duty shall be effective for the period of five years and shall be payable in Indian currency from the date of its imposition.
The sectors like automotive components, railway, engineering and construction use these steel products. Including China and South Korea, India has imposed anti-dumping duty on four countries regarding the steel products.