Government imposes anti-dumping duty on stainless steel imports

KOLKATA: The government has imposed anti-dumping duties on certain industrial-grade stainless steel imported from China, Malaysia and South Korea. The move is aimed at restraining rising imports to protect the domestic steel industry. The duty will range between $180 and $316 per tonne and will be valid for a period of five years. This was stated in a notification from the union finance ministry on Friday (June 5, 2015).

"It's a welcome move and a necessary one to save the domestic industry which (is) at the suffering end," said N.C. Mathur, president of the Indian Stainless Steel Development Association.

India consumes about one million tonne of this grade of stainless steel, out of which imports, mainly from China, account for a 40% share.