Importers and Industry Users of imported high end stainless steel welcome remove of anti-dumping duty

New Delhi - February 23, 2010: The end user industry of high grade stainless steel in the country including pesticides and chemicals, refineries, auto components, utensil manufacturers, plant and machinery manufacturers and kitchen equipment makers presently importing stainless steel for their respective industries have welcomed the removal of Anti Dumping duty on import of certain category of cold rolled stainless steel as highly recommended by Ministry of Commerce.

Ministry of Finance on the basis of recommendations made by Ministry of Commerce has issued a final notification removing Anti Dumping duty on stainless steel CR products below 600mm width and above 1250mm width because domestic industry can produce sheets and coils only upto 1250mm width max.

"Furthermore within the domestic width capability upto 1250mm, certain grades of Duplex and high performance stainless grades are exempt from anti dumping duty because they are not produced in India and they are vital for infrastructure growth in nuclear, thermal, railways, oil & gas, chemical process plants, ship n submarine building, desalination plants and storage tanks. Even many kitchenwares needed imports to carve an impressive share in the global markets." Said Mr Y.P.Suri, India head, Outokumpu, Finland based leading stainless steel maker.

"Withdrawing of proposed Anti dumping duty on certain grades and categories of cold rolled stainless steel is a land mark decision as it will support the growth of critical infrastructure related industries in India including Nuclear power plants, refineries, ports, storage sector, Railways including Metro Rail and water desalination plants coming up in a big way in the country" said beaming Mr Suri.

"Ministry of Commerce had initiated Anti Dumping Investigations on import of stainless steel at behest of Single manufacturer Jindal Stainless steel in April 2009 and imposed Anti dumping duty and all category of stainless steel including not manufactured in India. High grade stainless steel is importe in the country for manufacturing critical components of machinery and products for petroleum, gas, food processing and automobile industry." Mr Ramachandran Secretary of Plant Process and Machinery Association of India said.

"Finding ways and means to increase per capita steel consumption is the best solution for the steel industry in the country instead of anti dumping duty. We had shelved our Investment plan in India due to the imposition of Anti Dumping Duty which was so badly needed by end users and SMEs in particular" added Mr Ramachandran.

Meanwhile Automotive exhaust system manufacturers and exporters in the country, using high grade imported stainless steel for producing critical exhaust components for cars and other vehicles have also welcomed the decision.

"Removal of Anti Dumping duty on cold rolled stainless steel not manufactured in India will help the Automotive exhaust system manufacturers and exporters in the country as certain grades and quality of stainless steel is needed for critical components are not manufactured in India" said Mr Yogesh Bhatia, Chairman, International Tube Association (ITA), India chapter, a global body of Tube and Pipe Manufacturers.

Source : Equity Bulls

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