India's ministry of finance has announced its final findings regarding the safeguard investigation into hot rolled flat products of non-alloy and other alloy steel in coils of 600 mm width or more.
Accordingly, the ministry stated that there has been a significant increase in imports of the mentioned product in absolute terms as well as in relation to domestic production over the entire period of investigation. This surge in imports is also quite significant in relation to total demand as well. The ministry also stated that the increasing imports put consistent pressure on the domestic industry to either reduce their prices to match the import prices or to hold on to their prices. The penetration of increased imports at an unprecedented high level was such that, even after reducing the prices, the domestic industry was not able to hold on to its market share. This has resulted in losses during the 2015-16 financial year for the domestic industry.
As a result, the ministry of finance recommended 20 percent safeguard duty in the first year from September 14, 2015 to September 13, 2016 on the given products. It suggested an 18 percent duty in the first half of the second year and 15 percent in the second half of the same year. For the first six months of the third year from September 14, 2017 to March 13, 2018, it recommended 10 percent antidumping duty. However, as the imports from developing nations do not exceed three percent individually and nine percent collectively, imports of the product under consideration originating from developing nations except China, Ukraine and Taiwan will not attract safeguard duty.