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Rising global steel prices make Indian anti-dumping duty redundant- The 18th China(Guangzhou) Int’l Plate metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
5/10/2017 plate metal expo-wire expo |
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Business Line reported that the protection against imports given to domestic steel companies has become redundant with international prices rising above the base price prescribed in the anti-dumping duty. The development has exposed steel companies, reeling under high debt, to competition from international producers, at a time when demand is set to grow on the back of the government’s plans to spend INR 3 lakh crore in infrastructure this fiscal.
The Directorate General of Foreign Trade recommended a base price of USD 489 a tonne on HR coil imports. If the imported steel price is above the base price that triggers an anti-dumping duty, Indian buyers have to pay only the import duty of 12.5 per cent.
Mr Nikunj Turakhia, President, Steel Users Federation of India, said imports can now be made for specific products from select countries if Indian producers kept prices artificially high. He said “We expect steel prices to come down in the coming months as prices of coking coal and iron ore have eased. India, which has an excess of HR steel coil production, has exported 7 lakh tonnes at USD 430-440 a tonne to Vietnam in the past few months due to weak domestic demand.”
-- The 18th China(Guangzhou) Int’l Plate
metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
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