Indian government imposes anti-dumping duty on Chinese steel: Domestic companies suffer loss due to cheap Chinese steel, ban will continue for five years
India has imposed ‘anti-dumping duty’ on steel imported from China. The Directorate General of Trade Remedies (DGTR) had recommended the government to impose $613 (about Rs 50,867) per tonne on Chinese steel wheels. The Finance Ministry has given this information through a notification on Monday. This decision of the government will reduce the possibility of loss for domestic companies. Earlier, on December 13, 2018, India had imposed this duty on these Chinese products for 5 years, which has been extended for the next 5 years.
China was selling steel to India at lower prices than the market.
On this decision to impose anti-dumping duty, the Finance Ministry said that China has been selling steel to India for a long time at dumping price i.e. prices below the cost. On September 4 this month, Steel Secretary Narendra Nath Singh had said that India had been monitoring China’s steel dumping for a long time.
China is India’s second largest steel exporter
China was India’s second largest steel exporter after South Korea during the April-July quarter. China has sold 6 lakh tonnes of steel to India during this period. This figure is 62% more than last year. During this period, India has imported 20 lakh tonnes of finished steel from China. This is the highest since 2020 and 23% more than last year.
