India imposes safeguard on some steel products
The government has imposed safeguard duty on import of hot rolled flat sheets and alloy or non-alloy steel plates, excluding hot rolled flat products in coil form, to protect domestic steel manufacturers against cheap imports.
A 10 per cent ad valorem minus anti-dumping duty payable will be imposed on imports up to November 22, 2017. This will be lowered to 8 per cent between November 23, 2017, and November 22, 2018, it said.
A “six per cent ad valorem minus anti-dumping duty is payable, if any, when imported during the period from November 23, 2018, to May 22, 2019, (both days inclusive) at an import price below $504 per ton on CIF (cost, insurance, freight) basis,” it added.
Last December, India imposed anti-dumping duty, ranging from five per cent to a whopping 57 per cent, on cold rolled steel from China, South Africa, Taiwan, Thailand and the US to curb its imports.
It comes after a 20 per cent import tax failed to check cheaper imports, resulting in losses to domestic producers, such as the state-run Steel Authority of India Ltd.
The Director General (Safeguard) in his final findings in August this year “had come to the conclusion that increased imports of subject goods into India has caused and threatened to cause serious injury to the domestic producers of subject goods, thereby necessitating the imposition of safeguard duty on imports of the subject goods into India.”