The Indian finance ministry has imposed anti-dumping duties ranging from $180 to $316/MT for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry.
N C Mathur, President Indian Stainless Steel Development Associaton (ISSDA) said the duty on has been imposed on hot rolled (HR) flat products of stainless steel grade with all its variants originating from China at $309 per tonne $316 a tonne from Malaysia and from Korea at $180 a tonne.
“Actually it is a move long overdue. We have been struggling to survive. This measure will definitely give some respite to the industry,” Mathur said. The commerce ministry had earlier this year said that the home-grown stainless steel industry has sustained “material injury due to such dumped imports” and that definite measure was required to stop it.
India consumes about 1 million tonne of this type of stainless steel and more than 40 percent of that is imported, mainly from China.
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