India’s trade ministry has recommended anti-dumping duties ranging from $180 to $306 per ton for some industrial-grade stainless steel imported from China, Malaysia and South Korea in an endeavor to protect local industry. After a year-long analysis based on complaints from Jindal Stainless Ltd, the trade ministry said it found that the domestic industry was suffering “material injury due to such dumped imports” and that a definitive measure was required to stop it.
The recommendations, made public on Wednesday, are expected to be executed by the finance ministry within three weeks and will stem the flow of surging imports. India consumes about 1 million ton of this type of stainless steel and more than 40 percent of that is imported, mainly from China, a trade which is growing at up to 15 percent a year. Many steel companies in India, such as Tata Steel, JSW Steel and Kalyani Steels, have seen profits come under pressure.
The steel industry also welcomed the government’s decision to provide for an increase in the import duty on steel to 15 percent without any major procedural delays. Earlier, the government had set a limit of 10 percent while the actual duties are below that. The clause will allow the government to increase the duty just by giving an alert.
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