Jun 04, 2020
India Extends Anti-Dumping Duty on Chinese Steel for Entire Year
2020-06-05
Indian Prime Minister Narendra Modi urged moves towards a self-reliant economy while announcing a $266 billion economic stimulus package in the wake of the Covid-19 pandemic. Addressing Indian industry leaders earlier this week, the PM expressed confidence that economic growth would soon return.
India has extended anti-dumping duty on certain varieties of steel until December this year to insulate domestic companies from cheap imports of the commodity from China and other nations like Korea and Malaysia.
"The anti-dumping duty shall remain in force up to and inclusive of December 4, 2020, unless revoked, superseded or amended earlier," the revenue department said.
India will charge import duty in the range of $180-316 per tonne on steal to safeguard its domestic industry.
The Indian government previously imposed import duty on 'hot-rolled flat products of stainless steel 304 series' being imported from China, Malaysia and South Korea on June 5, 2015, for a period of five years.
In the financial year 2018 - 19, steel exports from India fell by 28.2 per cent to 8.4 million tonnes. Steel imports, however, increased by 6.8 percent to 8.8 million tonnes. India ran an export surplus in steel in both 2016-17 and 2017-18.
Source: Sputnik News
