After HRC, DGAD (DG Anti-Dumping & Allied Duties) has now initiated their anti-dumping duty investigation on CR steel products from China, Japan, Korea and Ukraine.
Three Indian steel majors, SAIL, JSW Steel and JSW Steel Coated Products Limited have filed an application for imposition of anti-dumping duty on CRC.
Indian steel industry have been reeling under tremendous pressure of cheap imports from China, Japan, Korea and CIS countries since last one year. India’s CRC imports have increased by 30% in time span of one year from 1.71 MnT in FY 15 to 2.35 MnT in FY16.
Indian government has already imposed MIP (Minimum Import Price) on flat steel including CRC at USD 560/MT. This means that CRC can be imported in to India only at or above USD 560/MT.
Currently CRC offers from Japan/Korea are assessed in the range of USD 520-540/MT, FoB basis and prices are expected to increase further in the coming days. The drastic surge in CRC export prices in the international market over last one month has led to increased chances of Indian importers resuming imports.
Indian steel majors have applied for anti-dumping duty as a preventive measure to restrict CRC imports in to India after CRC’s export offers will achieve parity with CRC’s MIP price.
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