Union Government slaps anti-dumping duty on stainless steel

Union Government has imposed anti-dumping duty on import of cold-rolled flat products of stainless steel for 5 years from 7 countries.
The government’s decision comes on the recommendation of Directorate General of Anti-dumping and Allied Duties (DGAD) in the wake of rising incidence of dumping. It was hampering the performance of domestic industry and with steel prices on a decline.
These countries are China, South Korea, United States, South Africa, Thailand and Taiwan and the European Union.
The highest duty has been imposed on steel imports from China at 57.39 per cent, followed by EU at 52.56 per cent. Imports from Thailand will have the least duty imposed at 4.58 per cent.
Earlier in September 2015 Government had imposed 20 per cent provisional safeguard duty on a specific hot-rolled imported steel product.
Anti-dumping duty: It is counter import measure used by a country under the multilateral World Trade Organisation (WTO) regime to protect its domestic producers and market from below-cost/cheap imports. It varies from product to product and from country to country.

Month: Current Affairs - December, 2015