India imposes anti-dumping duty on Chinese steel products

Source:Reuters-Global Times Published: 2015-6-7 23:03:01

India's finance ministry has imposed anti-dumping duties ranging from $180 to $316 per ton for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry.

The move comes after India's trade ministry said in March the domestic industry was suffering "material injury due to such dumped imports" and that a definitive measure was required to stop it.

The anti-dumping duties will be effective for a period of five years, the finance ministry said in a statement late on Friday.

"It's a welcome move and a necessary one to save the domestic industry which [is] at the suffering end," said N.C. Mathur, president of the Indian Stainless Steel Development Association.

India consumes about 1 million ton of this type of stainless steel and more than 40 percent of that is imported, mainly from China.

Steel makers from Asia to Europe are facing increasing pressure from a rise in cheap imports as Russia and Ukraine, armed with weaker currencies, join China in pushing surplus output on to world markets. Many steel companies in India, such as Tata Steel, JSW Steel and Kalyani Steels, have seen profits come under pressure.

China's Ministry of Commerce has not commented on the issue by press time. But Shen Danyang, a ministry spokesman, told a regular press conference on Tuesday that Chinese steel products had been targeted by trade remedy probes from European, Asian and Latin American countries so far this year.

China encourages related Chinese steel firms to actively appeal the cases, and the ministry will also strive to solve trade frictions through bilateral consultation among governments and industrial levels, Shen said.

Posted in: Economy

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