As reported by the financialexpress.com, according to a notification issued by the ministry’s investigation department, DGTR, it has been recommended to impose the duty for five years on imports of “flat-rolled stainless steel products” from regions such as the European Union, Japan, Korea, Malaysia and Taiwan.
Duties to protect against cheap imports
The government may impose an anti-dumping duty on certain types of steel products from some countries, including Japan and Korea, for five years to protect domestic companies from cheap imports, the Ministry of Commerce has recommended.
Duty ranges from $67 to $944 per metric ton
The duty recommended by the Directorate General of Trade Remedies (DGTR) ranges from $67 per ton to $944 per ton. The final decision on whether to impose the duty will be made by the Ministry of Finance.
The DGTR proposed the imposition of these duties after conducting an investigation into alleged dumping by these countries.
In its final findings after the completion of the investigation, the directorate may conclude that the product from these countries was exported to India “below its normal value,” resulting in dumping of the product.
“The domestic industry has suffered material injury,” the notice said.
The DGTR conducted the investigation following complaints from domestic producers.
Prices below those of the domestic market
In international trade jargon, dumping is when a country or company exports a product at a price that is lower than the price of that product in the domestic market.
Dumping affects the price of that product in the importing country and affects the profit margins and profits of manufacturing companies.
Trade norms allow duties on dumped products
Under global trade norms, a country is allowed to impose duties on such dumped products to provide a level playing field for domestic producers. The duty is imposed only after a thorough investigation by a quasi-judicial body, such as the DGTR in India
The imposition of anti-dumping duties is allowed under World Trade Organization (WTO) rules.
Duty is intended to lead to fair trade practices
The duty aims to ensure fair trade practices and create a level playing field for domestic producers vis-à-vis foreign producers and exporters.
Source: financialexpress.com
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