Indian domestic stainless steel producers have sought government intervention and imposition of countervailing duty on imported stainless steel pointing out 177 percent increase in inward shipment during April-July 2021, year-on-year basis, All India Stainless Steel Cold Rollers’ Association said in a communication to the government on Tuesday, September 28.
The Association said that in national budget 2021-22 presented earlier in the year, countervailing duty on stainless steel imports from China was suspended until September 30, 2021 and levy on shipments from Indonesia was revoked which triggered floodgates of imports to detriment of domestic producers.
It said that the industry is still recovering from impact of Covid-19 and if countervailing levy is not imposed immediately, small and medium scale producers will be forced to shut down their plants and become traders.
“In just four months, we are seeing a staggering 177 percent increase in stainless steel imports from China and Indonesia. With the suspension of anti-subsidy duty, we are defying the government’s “Make in India’ policy,” Jindal Stainless, CEO, Abhyuday Jindal said.
