Special duty likely for CR stainless steel
The ministry of commerce and industry has recommended a special duty on imported cold-rolled stainless steel , a value-added intermediate for stainless steel products, after domestic producers complained of cheaper cargo entering the country from China, the US and the European Union.
The anti-dumping duty — a levy imposed when an exporter ships a product below cost price or the price at which it is sold within the home market — will also be imposed on exports from Japan, South Korea, Taiwan, South Africa and Thailand.
The directorate general of anti-dumping (DGAD) — the commerce department arm for undertaking anti-dumping investigations and recommending duties — has proposed a maximum levy of $1,823 per tonne of cold-rolled steel on imports from China. The proposed duties are slightly lower on imports from other countries.
The anti-dumping duty is determined by the extent of difference in the price at which the product is exported and the price in the exporting country’s domestic market. Once duties are recommended by the DGAD, the finance ministry officially notifies its implementation.
“The implementation is likely to happen soon as the government wants to take action fast given the economic slowdown,” an official said.
Stainless steel imports rose 60% to 16,000 tonnes in November 2008 against 10,000 tonnes in the previous year. During April-February 2008-09, alloy steel imports stood at 5.25 lakh tonnes against 3.67 lakh tonnes in the same period of the previous fiscal.
Prices of nickel, a key input in steel-making, have dropped to $9,500-10,000 per tonne from a high of $51,800 a tonne in 2007. As a result, stainless steel is now available between $1,500 and $4,000 per tonne depending on the grade.
“Indian stainless steel prices are almost half of what they were in 2007 because of steep fall in nickel prices. However, slowdown in global demand has increased low-cost imports from countries such as China, South Korea and Taiwan. As a result, domestic players are suffering,” Indian Stainless Steel Development Association (ISSDA) president NC Mathur said.
ISSDA says production of stainless steel is enough to meet domestic consumption and, so, imports should be restricted. While annual stainless steel production stands at 1.8 million tonnes, domestic consumption is close to 1.3 million tonnes.
The anti-dumping investigation was started in November last year following a petition by Jindal Stainless. Investigations are also on for imposition of anti-dumping duties on hot-rolled stainless steel from China and other countries.
Last year, the government had also restricted imports of hot-rolled steel and specific steel products to actual users of the product against licences issued by the government.
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