Finance Ministry has imposed definitive anti-dumping duty on ‘Stainless Steel Seamless Tubes and Pipes’ from China. Valid for five years, the anti-dumping duty imposed ranges from $114 to $3,801 per tonne depending on the producer.
The latest move comes after the Directorate General of Trade Remedies (DGTR) in the Commerce Ministry in September this year recommended imposition of anti dumping duty on Stainless Steel Seamless Tubes and Pipes from China. The DGTR concluded that these products were exported at dumped prices to India, affecting the domestic economy.
DGTR had initiated the investigation after Chandan Steel Ltd, Tubacex Prakash India Pvt Ltd, and Welspun Specialty Solutions Ltd had sought anti-dumping probe on this product from China.
The Government’s move to impose anti-dumping duty would benefit domestic players like Ratnamani Metals and Tubes and Venus Pipes, said industry experts.
Stainless Steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. It is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators, including nuclear and thermal power.
WHAT IS ANtI-DUMPING DUTY?
An anti-dumping duty is imposed to protect local businesses and markets from unfair competition by foreign imports. It is a tariff imposed on imports of goods manufactured overseas priced below the fair market value of similar goods in the domestic market.
The government can levy provisional as well as definitive anti dumping duty. While the provisional duty usually is valid for six months, the definitive anti-dumping duty is valid for five years, unless revoked earlier.