India has imposed anti-dumping duty on certain stainless steel products from the European Union and other nations including China and Korea, in order to protect the domestic industry from cheap imports.
The duty was imposed by the Revenue department following the recommendation by the Directorate General of Anti-Dumping and Allied Duties (DGAD).
• The levied duty will range between 4.58 per cent and 57.39 per cent of the landed value of cold-rolled flat products of stainless steel.
• The anti-dumping duty will be in effect until 10 December 2020.
• The direction however, exempts certain grades of stainless steel from the duty.
• The duty will be levied on the imports of stainless steel products from China, Taiwan, South Korea, South Africa, Thailand, the United States and the European Union.
Earlier in October, the Union government had imposed anti-dumping duty on imports of certain steel wire rods from China for a period of five years.
The decision was taken to guard the interest of domestic players from cheap in-bound shipments.
India also previously slapped anti-dumping duty on certain cold-rolled flat steel products from four nations including China and South Korea.
What is an 'Anti-Dumping Duty'
An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
The measure is taken to ensure fair trade and provide a level-playing field to the domestic industry.
However, the measure does not intend to restrict imports from a particular nation or cause an unjustified increase in the cost of products.