The Indian government is likely to impose countervailing duty (CVD) on imports of stainless steel flat products, government sources said on Monday, June 5.
They said that that the Director General of Trade Remedies (DGTR) has already submitted its recommendation seeking 19 percent CVD on all imported stainless steel flat products to the ministry of finance, and the latter is expected to make a final decision and issue official notification soon.
Stainless steel flat product imports had previously attracted 19 percent CVD, but this was withdrawn in the national budget for 2021-22.
Last month, Steel Authority of India Limited (SAIL) and Jindal Stainless Limited petitioned the government seeking reimposition of the CVD on stainless steel imports from China which were landing in the country at 19 percent lower than current domestic prices.
The two domestic producers pointed out that that countries like Brazil, Malaysia, Mexico, South Korea, Taiwan, Thailand, the US, Vietnam and the European Union nations have imposed duty on shipments of stainless steel strip from China and some of these duties have been in force since 2013, and they stated that India should also bring back the levy to ensure a level playing ground for domestic producers.