The government on Tuesday announced the withdrawal of anti-dumping duties on certain steel products imported from countries including China, a move aimed at containing high metal prices and promoting domestic manufacturing.
Countervailing duty (CVD) is also permanently removed on imports of certain hot and cold rolled flat products of stainless steel from China.
“Certain anti-dumping and CVD on stainless steel and coated steel flat products, lower steel and high-speed steel rods are being withdrawn in greater public interest given the prevailing high prices of metals,” Finance Minister Nirmala Sitharaman said in her budget speech .
Engineer exporters have demanded from the government to take steps to control high steel prices.
The anti-dumping duty was removed on straight length bars and rods of alloy steel, imported from China. It was launched on October 18, 2018. A similar move was made for flat roll products of steel, plated or covered with an alloy of aluminum or zinc imported from China, Vietnam and Korea.
It was also imported on high-speed steel of non-cobalt class, imported from Brazil, China and Germany. It was hit on September 25, 2019.
Countries are launching anti-dumping tests to determine if domestic industry is hurting by an increase in imports below cost. In return, they impose duties under the multilateral WTO regime. Anti-dumping measures are being taken to ensure fair trade and to provide a level playing field to the domestic industry.
They are not a measure to restrict imports or to cause an unjustified increase in the cost of products. India has imposed maximum anti-dumping cases against dumped imports from China.