10 October , New Delhi
The Centre has imposed anti-dumping duty on imports of certain steel wire rods from China for five years, with a view to guard the interest of domestic players from cheap in-bound shipments.
The duty was imposed after the Commerce Ministry’s Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports.
In its findings, the DGAD had concluded that wire rod of alloy or non-alloy steel has been exported to India at below the normal value due to which domestic industry has suffered material injury.
In a notification, Department of Revenue said that the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency.
These steel products are used in many sectors such as automotive components, railway, engineering and construction.
India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four nations, including China and South Korea.
Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.