Though HRC (hot-rolled coil) products would continue to get benefit of SGD (safeguard duty) protection, they remain vulnerable to the risk of global price declines, it said in a report.
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India imposes anti-dumping duty on HR steel products from 6 nationsNEW DELHI: India on Tuesday imposed anti-dumping duty on certain hot-rolled steel products from six nations including China and South Korea with an aim to guard domestic players from cheap imports. Imports of the same from Indonesia, Russia and Brazil too attracted $474 per tonne duty. So far this year, Korean imports are implicated in six anti-dumping charges from India, four from the US, and two each from Taiwan, Malaysia, Vietnam, and Turkey.
The restrictive duty was slapped on the imports of “Hot- rolled flat products of alloy or non-alloy steel” from China, Japan, Korea, Russia, Brazil and Indonesia.
According to the notification, Korean firms attracting the anti-dumping duty are Hyundai Steel Company and POSCO.
The anti-dumping duty was imposed on recommendation of the Directorate General of Anti Dumping (DGAD). Three Japanese companies JFE Steel Corp, Nippon Steel and Sumitomo Metal Corp are also featuring in the list.
DGAD’s provisional findings showed the domestic steel industry has suffered economic losses on account of imports from these countries.
The HR flat products, which were not covered under the new MIP scheme, are trading at a discount of about $70 a tonne or 14 per cent in India as against the landed cost of imports from China, as per an ICRA estimate.
“The basic thrust of the government policy of not letting steel items dumped into the country remains in place through a combination of anti-dumping measures and minimum import price”, said S.K. Roongta, former chairman of state-owned Steel Authority of India Ltd.
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In the announcement, the Indian government explained that the hot-rolled steel sheet products imported from the six countries have prices lower than normal prices to have a negative effect on the steel industry of India. Under the World Trade Organization rule, any country can start an investigation on a complaint of a domestic manufacturer citing anti-trade practices of foreign manufacturers hurting the domestic price.
