Economy

Budget temporarily revokes anti-dumping, countervailing duties on several steel items

Our Bureau New Delhi | Updated on February 02, 2021

Proposed amendments in ADD, CVD, safeguard measures to make trade remedies more effective

The Budget has temporarily revoked anti-dumping and countervailing duties on a number of steel products to bring down input costs for domestic user industry such as engineering products.

It has also proposed changes in the provisions related to anti-dumping duty (ADD), countervailing duty (CVD), and safeguard measures to be applicable from January 1, 2022, to make trade remedies more effective.

Anti-dumping duties (additional import duties imposed to counter losses to domestic industry in case shipments are priced lower than selling price in exporting country) are being temporarily revoked, from February 2, 2021 to September 30, 2021, on straight length bars and rods of alloy-steel, from China, high speed steel of non-cobalt grade from Brazil, China and Germany and flat rolled product of steel, plated or coated with alloy of aluminium or zinc from China, Vietnam and South Korea.

Also read: Cut in duty to abet stainless steel imports

Countervailing duties (additional duties to counter subsidised imports) are being revoked for the same period on imports of certain hot rolled and cold rolled stainless steel flat products from China, and flat products of stainless steel from Indonesia.

Per amendments proposed in ADD, CVD and safeguard measures, imposition of duty will be from the date of initiation of anti-circumvention investigation and imposition of these duties on review will be for a period of up to five years at a time. Whenever any particular ADD or CVD is temporarily revoked, such temporary revocation shall not exceed one year at a time and final findings will be issued in ADD/CVD, in investigation in review proceedings, by the authority, at least three months prior to expiry of the ADD under review (with effect from July 1 2021).

The Safeguard Rules are being amended to provide for the manner and procedure for causing investigation into the cases of imports in increased quantity that cause injury to domestic industry for imposition of Safeguard tariff rate quotas (TRQs), the Budget said.

Published on February 02, 2021

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