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Indian steel makers seek more duties on import

Add Time:2016-03-29 02:02:00 Clicks:
Business Standard last week reported that although there is now a safeguard duty and minimum import prices on various steel products, five major companies in the sector have asked the government to also impose anti-dumping duty and countervailing duty on selected products.

As per report “The five are JSW Steel, Steel Authority of India, Tata Steel, Jindal Steel & Power and Essar Steel. They have asked the Directorate General of Anti-Dumping & Allied Duties to impose these two duties on particular steel products of one category - hot rolled flat products of non-alloy and other alloy steel, in coils of a width of 600 mm or more.”

An official said “The companies are looking for a long-term solution. Unlike safeguard duty or MIP, the anti-dumping duty or countervailing duty is country-specific. Thecompanies' focus is on China, top steel exporter to India.”

Safeguard duty is allowed under World Trade Organization rules as a temporary measure for a specified period, to check damage to a country's domestic industry from cheaper import.

According to the commerce ministry, the purpose of ADD is to rectify the trade-distortive effect when goods are exported by one country to another at a price lower than its normal value.

Countervailing duties are meant to level the playing field between domestic producers and foreign producers of the same product who can afford to sell it at a lower price because of the subsidy they receive from their government.
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