Chromeni Steels welcomes Indian government’s proposal to revoke anti-dumping duty (AD) and provisional countervailing duty (CVD) imposed on stainless steel imports and claimed that it creates a level playing field for the entire SS sector, including the end-user industries.
In the Union Budget for FY2022 announced on Feb 1, the Indian government revoked anti-dumping (AD) and countervailing duties (CVD) on bars, rods of alloy steel, high-speed non-cobalt flat-rolled steel product, coated or plated with aluminium or zinc. These waivers will remain in effect till October.
The Indo-Chinese joint venture firm opined said in a press release discussing the revocation of duties that the move will fuel economic prospects in India and provide relief for many downstream small scale industries that have suffered for months due to high raw material price and regular supply.
India levied provisional CVD on flat-rolled products of SS originating in or exported from certain countries in October, while the AD on cold-rolled flat SS products of width 600-1,250mm and above 1250mm of non-bonafide usage originating from China, Taiwan, South Korea, EU, South Africa, Thailand and US was extend in January.
“The revocation of AD and CVD will bring much-needed balance to the SS prices which have been artificially going up as much as 40pc in a matter of 6-8 months. The affordable barrier-free raw material will go a long way in protecting domestic downstream industry and saving thousands of jobs, said Pratik Shah, Director of Chromeni Steels in the release.
On the other hand, Jindal Stainless Steel, which has been demanding safeguard measures to reduce SS imports rued the government’s move. Abhyuday Jindal, Managing Director of Jindal Stainless expressed his discontent on Twitter saying that Indian SS industry was keen to advance government’s Make in India policy but allowing barrier-free import of subsidised SS from China impedes the self-reliance goals.
KK Pahuja, President of Indian Stainless Steel Development Association (ISSDA) said to local media that Chinese SS capacity is 7-8 times more than Indian manufacturers. Waiving of the duty hurts the domestic market and ISSDA will persuade the government to undo this move, he added.