Directorate General (Safeguards) has recommended provisional safeguard duty of 20% ad-valorem for period of 200 days on imports of hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more into India with immediate effect.
“On the basis of analysis of the application filed by the domestic industry and the injury parameters it is observed that the domestic industry is suffering serious injury/threat of serious injury in respect of market share, profits/losses, inventory, decline in domestic selling prices etc,” Directorate General said in a release today.
There exists critical circumstances, where any delay in application for provisional safeguard measures would cause damage which would be difficult to repair, Vinay Chhabra, director general at Directorate General of Safeguards was quoted as saying.
Directorate General (Safeguards) had initiated a safeguard investigation on imports of hot rolled alloy and non?alloy flat steel coils on an application jointly filed by Essar steel, JSW steel (JSTL) and SAIL, accounting for more than 50 percent of India’s total production of said products.
“On the basis of analysis of the application filed by the domestic industry and the injury parameters it is observed that the domestic industry is suffering serious injury/threat of serious injury in respect of market share, profits/losses, inventory, decline in domestic selling prices etc,” Directorate General said in a release today.
There exists critical circumstances, where any delay in application for provisional safeguard measures would cause damage which would be difficult to repair, Vinay Chhabra, director general at Directorate General of Safeguards was quoted as saying.
Directorate General (Safeguards) had initiated a safeguard investigation on imports of hot rolled alloy and non?alloy flat steel coils on an application jointly filed by Essar steel, JSW steel (JSTL) and SAIL, accounting for more than 50 percent of India’s total production of said products.
So far, in a bid to protect the domestic steel industry, government has hiked the steel import duty twice, in August by 2.5 percent and in June by another 2.5 percent taking the total import duty to 15 percent from 10 percent earlier.
Imposition of safeguard duty will bring Free Trade Agreement (FTA) countries like Japan and Korea also into the duties' net, which was not the case earlier when import duty was hiked as the latter was meant more for other countries such as China and Russia.
Imposition of safeguard duty will bring Free Trade Agreement (FTA) countries like Japan and Korea also into the duties' net, which was not the case earlier when import duty was hiked as the latter was meant more for other countries such as China and Russia.
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