Govt imposes anti-dumping duty on some stainless steel imports

News:

• The finance ministry has imposed anti-dumping duties ranging from $180 to $316 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry.
• The move comes after India’s trade ministry said in March the domestic industry was suffering “material injury due to such dumped imports” and that a definitive measure was required to stop it.
• The anti-dumping duties will be effective for a period of five years, the finance ministry said in a statement late on Friday.
• India consumes about 1 million tonne of this type of stainless steel and more than 40 per cent of that is imported, mainly from China.

 

Source: ET