Indian Government has imposed 10% safeguard duty on Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non alloy steel having nominal thickness less than or equal to 150 mm and nominal width of greater than or equal to 600mm”.
The verdict was passed by country’s finance ministry in the notification that safeguard duty will be imposed on the imports of HR Plates and sheets from Wednesday 23rd Nov’ 2016.This decision was taken after the recommendation by DG (Directorate general of safeguards) on 2nd August.
The product under consideration were classified under Tariff Heading 7225 (722540413, 72254019, 72254020, 72254030 and 72259900).Hot rolled coils under flat products is exempted from safeguard duty.
The government has decided the reference price of USD 504/MT,for the above mentioned products and any import below the reference price will attract safeguard duty as per the below table:
|
Year |
Duty Recommended |
| 1st Year | Safeguard duty @10% ad valorem (minus Anti-dumping duty, if any) on the import of PUC imported at a price below USD 504/MT. |
| 2nd Year | Safeguard duty @ 8% ad valorem (minus Anti-dumping duty, if any) on the import of PUC imported at a price below USD 504/MT. |
| 3rd Year | Safeguard duty @ 6% ad valorem (minus Anti-dumping duty, if any) on the import of PUC imported at a price below USD 504/MT. |
An important point that has been notified in the final findings of DGFT(Directorate General of Foreign Trade) is that the imports of products under consideration (PUC) from all developing countries except China, Ukraine and Indonesia will not attract any safeguard duty. The reason being PUC imports from developing nations accounts for less than 9% of the total PUC imports.
Also the imports of Hot rolled sheets and plates from Turkey and Brazil will be exempted from safeguard duty as DG (Directorate General Safeguard) concluded that it accounts the share of less than 3% in total.
Moreover, Indian government has already levied provisional anti dumping duty on hot rolled sheets and plates imported below the price of USD 557/MT.
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