Business Daily from THE HINDU group of publications
Thursday, April 23, 2009
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Business Daily from THE HINDU group of publications Thursday, April 23, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1900 hrs (IST)
Industry Anti-dumping duty on stainless steel products NEW DELHI: The Government has imposed a provisional anti-dumping duty on certain high-end stainless steel products to guard domestic industry from surges in cheap imports from China, Thailand and the US. The Finance Ministry notified a maximum levy of $1,823 a tonne on import of cold-rolled flat stainless products, mainly used by the automotive industry, for a period of six months, as recommended by the Directorate General of Anti-dumping and Allied Duti es (DGAD). “The domestic industry had suffered material injury, the injury had been caused by the dumped imports from subject countries (like China, Thailand, the US, Spain, Korea and France),” it said. The anti-dumping duty on the steel products ranges between $1 2.74 and $1,823.43 a tonne. The duty would be effective up to October 21, 2009. JSL Ltd, the country's largest stainless steel maker, welcomed the move to check the surge in cheaper imports and said Indian manufacturers would be able to meet the domestic requirement for the alloy.
“This was required in the wake of surge in imports. We have enough capacity to meet the domestic requirement,” said JSL LTD (earlier Jindal Stainless) Director (Corporate Affairs) Mr N C Mathur. - PTI
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