The Directorate General of Anti Dumping DGAD, has recommended anti dumping duty for five years on hot rolled HR and cold rolled CR steel providing protection to domestic industry in the face of severe competition from cheaper imports. The move comes as a major shot in the arm for leading domestic steel companies like, JSW Steel, Tata Steel, Essar Steel and Steel Authority of India Ltd SAIL, which raised the issue of imports at predatory prices and petitioned for the anti dumping measure. It is part of a slew of protectionist measures taken up by the government like, Minimum Import Price MIP and Safeguard Duty SGD.

The anti dumping duty ADD will cover countries like Japan, China, Korea Brazil, Indonesia and Russia and Ukraine.

In case of HR coils the final findings suggested a reference price of USD 489 per tonne, against the provisional rate of USD 474 per tonne announced in August 2016. Thus imports of hotrolled flat products from some exporters in countries like China, Japan, Korea, Russia, Brazil and Indonesia may attract an anti dumping duty equivalent to the difference between the landed value of steel products and USD 489 per tonne, the DGAD said in notification on Monday. For HR plates and sheets it is USD 561 per tonne against the provisional rate of USD 553 per tonne imposed in August last year. Both these rates will affect products from Japan, China, Korea, Brazil Brazil, Indonesia and Russia. For CR coils, the final recommendation was lower at USD 576 per tonne against USD 594 per tonne imposed in August last year. It will be applicable to CR coil imports from China, Japan, Korea and Ukraine.

The recommendation was based on its DGADs final findings for HR and CR steel respectively and it affirms the provisional findings issued in August 2016. The measures cover all exporters of these countries and also encompasses the entire product range that the steel industry had mentioned in the petition. Anti dumping duty is WTO compliant and is expected to give the industry a cushion against imports for the next five years.

Following the initiation of the measures by the government, domestic steel sector has seen production up 11percent in FY17 as per estimates by the steel ministrys Joint Plant Committee. Commenting on the development, H Shivramkrishnan, Essar Steels Director Commercial said The fast tracking of final anti dumping measures within a year of filing the petition conveys a clear positive signal that the  government is proactive to the concerns of the domestic steel industry.

Source:economictimes.indiatimes.com

 

 

 

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