India’s Directorate General of Trade Remedies (DGTR) has launched investigations to determine if rising imports of ferromolybdenum from South Korea are causing injury to the domestic industry, government sources said on Thursday, October 6, citing the official notification.
Ferromolybdenum is commonly used in steel, nickel and cobalt alloys, the sources said.
The DGTR has initiated the investigations following complaints from the Indian Ferro Alloys Producers’ Association, Boon Metals and Alloys Limited, Premier Alloys and Chemicals Private Limited and Team Ferro Alloys Limited.
The investigations have been launched under the provisions of safeguards under the India-South Korea Free Trade Agreement.
In the official notification, the DGTR noted that there existed “prima facie evidence that imports have increased both in absolute and relative terms causing injury to domestic producers and appropriate to initiate bilateral safeguard investigations.”
If investigations substantiate that imports have “caused injury to domestic industry”, the DGTR will consider a levy of safeguard duties, the sources said.