Negligible impact of Imposition of Anti Dumping Duty on Stainless Steel CR flat products - ISSDA

Indian Stainless Steel Development Association (ISSDA) notes the imposition of Anti Dumping Duty on Cold Rolled flat products of widths between 600-1250 mm after the sunset review from China, Japan, South Korea, Malaysia, South Africa, Malaysia, South Africa, Taiwan, EU and USA. ISSDA would like to state that impact of this Anti Dumping Duty will be negligible as the import trend has now shifted to higher widths and the same has been highlighted in the customs notification as well as the Final Findings of the Directorate General of Anti Dumping & Allied Duties (DGAD).

It is to be noted that the existing duty on Cold Rolled stainless steel flat products is being circumvented as the imports now have shifted to higher widths i.e. above 1250mm and also width below 600mm. "The real benefit of this duty will only be evident only when the government initiates Anti - Circumvention petition by the industry on widths above 1250mm', said Mr. N.C Mathur, President ISSDA.

It is pertinent to note that the Final finding of DGAD had brought out few relevant points. Final finding states that dumping of Cold Rolled Flat Products of Stainless Steel continues inspite of imposition of Anti Dumping Duty.

The Anti dumping Duty on import of Cold Rolled Flat Products of Stainless Steel was effective till 21 April, 2015. Review of this Anti Dumping Duty could be done the same product only hence the industry was unable to include higher widths of imports under this duty protection.

ISSDA would urges the government to initiate the Anti - Circumvention petition by the industry urgently. This will bring a slight reprieve to the domestic stainless steel industry which is under severe financial stress and is operating at nearly 60 % of its stalled capacity, said Mr. N.C Mathur.

Source : Equity Bulls

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