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Anti-dumping duty imposed on cold-rolled steel products imported from EU, US & China |
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01/05/2009 |
| The Central Board of Excise and Customs (CBEC) has announced the imposition of a provisional anti-dumping duty on cold-rolled stainless steel products imported from the European Union (EU) and seven other countries, including China, Thailand and the US.
In a notification, CBEC said that anti-dumping duty in the range of $ 12.74 to $ 2,011 per tonne were imposed on three cold-rolled steel products imported from these countries.
Some 15 foreign steel producers would be impacted because of this additional duty, which include ArcelorMittal, Posco and Acerinox. The anti-dumping duty of $ 1,823 a tonne has been imposed for a period of six months, ending October 21, 2009.
The government action followed a complaint by Jindal Stainless Ltd, a New Delhi-based company. The company accounts for 80 per cent of cold-rolled steel products produced in the country.
At present, a tonne of cold-rolled flat stainless steel costs over $ 19,000 in the global market. In its finding, the Directorate-General of Anti-Dumping and Allied Duties (DGAD) stated that the eight countries against which a provisional anti-dumping duty has been proposed exported the product below the normal value.
Following the global financial crisis, several countries have imposed anti-dumping duties on cheap imported products.
In a recent report, the World Bank pointed out that India was on the forefront in initiating the largest number of anti-dumping probes |
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