look news india
Mumbai: Anti-dumping duty on certain types of steel from China and Vietnam has been extended for the next five years. The DUT was imposed in 2019 which has been extended for the next five years. The domestic steel industry was suffering due to cheap imports.
To curb imports, duties will remain in place for the next five years on welded stainless steel pipes from China and Vietnam, the world's biggest steel producer.
Countervailing duty ranging between 12 per cent and 30 per cent will be applicable on these products.
India in August initiated an anti-dumping investigation against some steel products imported from Vietnam, government sources said.
Steel prices in the country recently fell to their lowest level in more than three years. Earlier, a research firm report had said that steel prices had fallen due to high imports.
India was a net importer of steel in the last financial year. Despite being the second largest producer of steel, imports have seen a rise. Steel imports have increased due to growth in the infrastructure sector.
The fall in exports and rise in imports have affected steel prices domestically. Despite the protests against China, steel imports from there saw an increase in the last financial year. Investigations were conducted into the dumping of cheap steel from China and Vietnam into India.
Imports of finished steel from China rose 90 per cent to 2.7 million tonnes last fiscal.
Trade relations between the two countries came to a halt after a clash between Chinese and Indian soldiers in 2020. However, India's Foreign Minister S. Jaishankar said that trade relations with China have not been stopped.