Safeguard duty imposed on hot rolled flat sheets and plates of steel

28 November 2016

The Finance Ministry has imposed a safeguard duty on certain hot rolled flat sheets and plates of steel imported into the country.

This Revenue Department move would, however, not apply to imports from developing countries except China, Ukraine and Indonesia.

For imports between November 23, 2016, to November 22, 2017, at a price below $504 per tonne on CIF basis, the Revenue Department has levied safeguard duty of 10 per cent advalorem minus the anti-dumping duty payable.

The safeguard duty has been pegged at 8 per cent minus anti-dumping payable in the case of imports between November 23, 2017, to November 22, 2018 (both days inclusive) at an import price below $504 per tonne on CIF basis.

Similarly, for the period between November 23, 2018, and May 22, 2019, the safeguard duty has been pegged at six per cent advalorem minus the anti-dumping duty payable.

The Revenue Department has, among other things, made it clear that hot rolled flat products of stainless steel will not be covered under the current safeguard duty levy.

Source – BL