DGS recommends safeguard duty on steel imports till March 2018

The government, in September last year, had imposed a provisional safeguard duty on import of some steel products for 200 days and last month, set a minimum floor price on imports to deter countries like China from undercutting the local industry.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney
moneycontrol.com

sme special

Home » News » Economy

Mar 17, 2016, 10.20 AM | Source: PTI

DGS recommends safeguard duty on steel imports till March 2018

The government, in September last year, had imposed a provisional safeguard duty on import of some steel products for 200 days and last month, set a minimum floor price on imports to deter countries like China from undercutting the local industry.

Like this story, share it with millions of investors on M3

DGS recommends safeguard duty on steel imports till March 2018

The government, in September last year, had imposed a provisional safeguard duty on import of some steel products for 200 days and last month, set a minimum floor price on imports to deter countries like China from undercutting the local industry.

Post Your Comments

Share Cancel

DGS recommends safeguard duty on steel imports till March 2018
The Directorate General of Safeguards (DGS) has recommended continuing restrictive duties of up to 20 percent on some steel products till March 31, 2018, to protect the domestic industry from flooding of cheap dumping from nations like China.

The government, in September last year, had imposed a provisional safeguard duty on import of some steel products for 200 days and last month, set a minimum floor price on imports to deter countries like China from undercutting the local industry.

DGS, under the finance ministry, recommended a 20 percent ad valorem safeguard duty in the first year from September 14, 2015 to September 13, 2016 on hot-rolled flat products of non-alloy and other alloy steel in coils of 600 mm width or more.

It suggested an 18 percent duty in the first half of second year and 15 percent in the second half of that year.

For the first six months of the the third year from September 14, 2017 to March 13, 2018, it recommended 10 percent anti-dumping duty.

The increased imports of 'hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more' into India "have caused serious injury and are threatening to cause serious injuries to domestic producers".

"It has been observed that the position of the domestic industry further deteriorated on account of production, sales and market share," it said, adding that "further protection" to the domestic industry is required to be extended.

It will be "in the public interest" to impose safeguard duty on such imports for a period of two and half years.

Considering the average cost of sales of the said steel products by the domestic producer after allowing a reasonable return on cost of sales, safeguard duty has been suggested, it added.

"As the imports from developing nations except China and Ukraine do not exceed 3 percent individually and 9 percent collectively, the import of product under consideration originating from developing nations except China and Ukraine will not attract safeguard duty," it said.

Also, imports of the product originating from Turkey will not attract safeguard duty with effect from February 2, 2016.

Buy, Hold, Sell ? Hear it first on M3
DGS recommends safeguard duty on steel imports till March 2018

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login