Question

In which grade of stainless steel is anti dumping in magnetic?

Answer 1

In a bid to protect local steel manufacturers from cheap imports, the Indian government has imposed anti-dumping duty on certain stainless steel products from China, the United States, South Korea and European Union. The government in a notification said that the duty will be in effect until December 10, 2020 while exempting certain grades of stainless steel from the levy.

The decision to impose anti-dumping duty has been taken by the revenue department following recommendation by the Directorate General of Anti- Dumping and Allied Duties.

As per a notification issued by the department, the duty ranges between 4.58 per cent and 57.39 per cent of the landed value of cold-rolled flat products of stainless steel. The anti-dumping duty will be imposed on the imports of stainless steel products from China, Taiwan (Chines Taipei) South Korea, South Africa, Thailand, the United States of America, and the European Union.

Earlier this month, the government imposed an anti-dumping duty on the import of some flat steel products from China and the European Union for five years. Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports. As a counter-measure, they impose duties under the multilateral WTO regime.

Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in the cost of products.