North India Statesman
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Mumbai: The Branch of Ministry of Commerce, Directorate General of Trade Treatment has recommended 12 percent security fee on some steel products. This has been done by the US keeping in mind the possibility of cheap steel dumping in India due to the decision of the US to impose duty on aluminum and steel imports.
This suggestion has been given in view of the recent rapid growth in steel imports in the country and the possibility of further increasing in the near future.
As a result of this recommendation, the price of HR plate (flat product) in the domestic steel market increased from Rs 1,000 to Rs 1,200 per ton to Rs 51,000 to 51,500. Market sources said that traders are not ready to sell goods.
The Directorate General of Trade Treatment has said in its order that till the final decision on the investigation of levying security fees, it has been recommended to impose a fee for 200 days.
This step is necessary under current circumstances and any kind of delay in it can cause damage to the domestic steel industry.
In recent times, there has been a rapid increase in India’s finished steel imports from China, South Korea and Japan. Since the US adopted a conservation policy in trade in 2018, there has been an increase in steel imports in India.
This recommendation has been made keeping in mind that now that the US is once again adopting a conservationist policy, there is a danger of increasing steel dumping in India. On the recommendation, suggestions have been sought from various stakeholders within 30 days and after that the final order will be issued.
The Directorate General of Trade Treatment conducted this investigation based on complaints from various steel manufacturers of the country.
Many steel manufacturers of the country had demanded the government to impose anti -dumping fees, arguing that they were suffering losses due to cheap steel imports.
