A 57% anti-dumping duty on stainless steel products will check the import of cheap stainless steel imports, in a move that is aimed to save the domestic industry.
The government, on Friday, imposed anti-dumping duty of up to 57.39% on the import of certain stainless steel products from China, Korea, the US and EU for five years to save the domestic industry from cheap shipments.
"The anti-dumping duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier)...," the Central Board of Excise and Customs (CBEC) said.
The duty in the range of 5.39% to 57.39% of the landed value of ''cold-rolled flat'' products of stainless steel has imposed on the recommendation of Directorate General of Anti-dumping and Allied Duties (DGAD) in October.
The anti-dumping duty will be 57.39% on the imports from China, 5.39% to 13.44% from South Korea, 15.93% from Chinese Taipei, 9.47% from the US, 29.41% to 52.56% from the European Union, 4.58-5.39% from Thailand and 12.34% to 36.91% from South Africa.
"The subject goods include cold-rolled flat products of stainless steel of width of 600 mm up to 1,250 mm of all series ...," the CBEC notification said.
Earlier also the duty was imposed on such imports, the period expired in April this year.
Before expiry of the duty, Jindal Stainless, a major domestic manufacturer, had moved DGAD and requested for continuation and enhancement of the levy.
In its finding, the DGAD said there was continued dumping of the product though the volume of imports declined after imposition of duties.
"The performance of the domestic industry has deteriorated...due to the impact of the dumped imports from the subject country...
"The dumping is likely to continue and the performance of the domestic industry is likely to deteriorate, should the present anti-dumping duty be revoked, and has recommended the imposition of definitive anti-dumping duty on imports...," the finding said.
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