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India slaps anti-dumping duty on stainless steel imports
October 27 , 2017
2397 days
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- India imposed anti-dumping duty on some cold-rolled flat products of stainless steel from China, the US, South Korea and the European Union to curb the influx of cheaper imports and help local producers.
- The duty, which will be in effect until 10 December 2020, exempts certain grades of stainless steel.
- Last month, the government imposed an additional 18.95% countervailing duty on some hot-rolled and cold-rolled stainless steel flat products, a first such levy on a steel product.
- Countervailing duty is an additional import duty imposed on imported products (by the importing country) when such products enjoy benefits like export subsidies and tax concessions in the country of their origin (ie., where it is produced and exported).
- An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. Dumping is a process where a company exports a product at a price lower than the price it normally charges on its own home market.
- To protect local businesses and markets, many countries impose stiff duties on products they believe are being dumped in their national market.
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