DGAD recommends anti dumping duty on import of colour coated steel.

KOLKATA: Director General Anti Dumping (DGAD) has recommended anti dumping duty in the form of a reference price on import of colour coated steel originating and exported from China and European Union (EU) region into India. The reference price is at $849/tonne which translates to a landed price of about Rs 58000/tonne at the port. The recommendation has been forwarded to ministry of finance for issuing corresponding custom notification. The difference in the reference price between hot rolled, cold rolled and colour coated is $375/tonne. Minimum Import Price (MIP) for colour coated on other origins continues to be at $752/tonne.

The petition was filed in June 2016 and investigations initiated in end June. Essar Steel and JSW Steel were the petitioners.

DGAD said its analysis overwhelmingly indicates that the domestic industry is suffering material injury due to increasing dumped imports of the product under consideration into India. There exists a strong nexus between the increase in dumped imports of the subject goods and the material injury being suffered by the domestic industry. Commenting on the development, H Shivram Krishnan, Director (Commercial) Essar Steel said: “The preliminary findings and recommendations demonstrates the dumping of steel by various countries including China and the injuries inflicted on the domestic steel industry. The quick action taken by the gvernment reflects their commitment to stem the dumping of steel into the country.”

Source : economictimes.indiatimes.com