Anti-dumping duty to be imposed on 29 additional steel products

24 October 2016

Widening its protectionist measure, India’s steel minister Chaudhary Birender Singh on Thursday said the government will soon impose anti-dumping duty on 29 steel products, which are currently covered under minimum import price (MIP).

The government had on 5 October extended MIP on 66 steel products by another two months till 4 December in order to protect the domestic steel industry against cheap steel imports.

“Besides 29 products, anti-dumping investigations are also currently on for 16 steel products,” said Singh.

Anti-dumping duties are imposed if a country dumps goods in another country at a much lower rate than what it charges at home.

The government had on 4 August first extended MIP on 66 types of steel products in the range of $341-752 per tonne for two months till 4 October, providing relief to the Rs.3.1 trillion debt-laden domestic steel industry.

The minister further said that talks are on with various ministries including railways and urban development to increase steel consumption.

“As regards to 30 million houses to be constructed under housing scheme, a lot of steel can be put to use which may spur steel demand,” the minister said, adding that the ministry is also working to frame a new steel policy.

“We will soon bring in a short-term policy for steel, which will be followed by a seven-year long steel policy,” Singh added.

Source – VCCircle