Malaysian government has imposed anti-dumping duties on Hot Rolled Coils (HRC) originating from China and Indonesia, after investigation undertaken by the Ministry of International Trade & Industry (MITI) following a complaint by a Megasteel Sdn Bhd in June, 2014. These duties are valid for 5 years.
Petitioner claimed that HRC originating from China, Indonesia and South Korea were priced much lower than the price in the domestic market, causing a damage to domestic steelmakers.
Imports from Benxi-Beiying Iron & Steel Group Imp and Exp Corp will be charged a levy of 6.35%, Benxi Iron & Steel (Group) International Economic & Trading Co will be charged by 3.49%, Shanxi Taigang Stainless Steel Co by 2.49%, Rizhao Steel Wire Co including others by 12.19%. While, Indonesian HRC imports from PT Krakatau Steel (Persero) Tbk and others will be imposed a levy of 11.20%.
Indian Manufacturers hopeful of hike in Duty in Coming Budget
Indian steel manufacturers are hopeful that government will impose some duty in order to check rising impost from China, Russia and Ukraine.
“We have given representation on behalf of industry over rising imports from China and Russia. We expect government will impose some kind of barrier to check imports”, said a senior official at one of the major India steelmaker.
Current offers for Chinese HRC 2.5 mm concluded at around USD 405-410/MT, CIF Mumbai. Whereas, from Ukraine at around USD 400/MT levels, he further added.
Indian Domestic Prices
Indian domestic prices continue to remain under pressure. Offers are largely heard in the range of INR 37,500-39,000/MT (including excise, VAT extra) for HRC of 2.5 mm ( IS 2062 grade ), which turns out to be around INR 32,500-33,000/MT (ex-works).
| State | Prices in INR/MT |
| Delhi | 38,000 |
| Jamshedpur | 37,500 |
| Chennai | 38,500 |
| Mumbai | 38,000-38,500 |
Prices including ED, VAT/CST extra
Source: SteelMint Research
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