India imposes safeguard duties on some steel imports
Thu Nov 24 2016
Rajesh Sharma (2002 articles)

India imposes safeguard duties on some steel imports

NEW DELHI : India has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country, a government notification said on Thursday.

The government will gradually lower the duty from 10 percent this year to 6 percent by 2019, the notification said.

The effective duty rate would be arrived at after deducting the value of the goods and the anti-dumping duty payable when the import price is below $ 504 per tonne, it said.

Indian steelmakers JSW Steel (JSTL.NS), Essar Steel ESRG.UL and Steel Authority of India (SAIL.NS) had approached the Directorate General of Anti-Dumping and Allied Duties seeking safeguard measures against cheap imports flooding local markets and pressuring margins.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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